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FBR to Compile Tables of Increased Immovable Properties from 1st July in Collaboration with All Provinces

On Saturday, 1st April, 2023, the FBR in Pakistan issued a notification to form committees for evaluating immovable properties, such as new housing schemes, residential, and commercial projects. The FBR has directed the field formations to work together with the district administrations to FBR to Compile Tables of Increased of immovable properties. These committees, which will be selected by the District heads/Divisional heads to collaborate with the teams formed by the chief commissioners of Regional Tax Offices, will upgrade the existing valuation tables and provide suggestions on the valuation rates for areas where fair market values have not previously been established. The committees will also consult with real estate associations and consider any recommendations from the Court/Federal Tax Ombudsman on the existing valuation.

The FBR is currently implementing the Pakistan Raises Revenue Project (PRRP) in partnership with the World Bank. To standardize the valuation of immovable properties between FBR and provincial governments/districts. The Secretary (Rules and SR0s), Inland Revenue Policy Wing, FBR will act as a focal person/coordinator.

One of the significant sources of revenue for the FBR is the collection of taxes on immovable properties. In this regard, the FBR has announced that it will issue increased values of immovable properties from July 1, 2023.

To determine the fair market value of immovable properties, the FBR to Compile Tables of Increased of properties across Pakistan. The valuation table will regularly be updated to reflect changes in the property market. The FBR is currently in the process of updating this table in consultation with provincial authorities.

The purpose of this updation is to ensure that the values of real estate properties. In the valuation table accurately reflect the current market value of properties. This will help to ensure that property owners pay the appropriate amount of taxes. It will also make the valuation process more transparent and reliable.

It Is important to note that the increased values of immovable properties will only apply from July 1, 2023. Property owners will have some time to prepare for the changes and to adjust their finances accordingly. Our online property portal always brings best & important news before others.

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