FBR Formulates Revision in Valuation of Immovable Properties
According to media reports, the Federal Board of Revenue (FBR) in Islamabad has decided to increase the values of immovable properties to bring them in line with current market rates.
According to the specifics, field formations will carry out the revision task, which must be completed by the end of this month per International Monetary Fund (IMF) instructions. It was stated that, following a review of the existing Statutory Regulatory Order, focal persons were appointed to update the values of immovable properties (SROs).
In addition, field formations will share updated valuation data for upward revisions in the relevant SROs of different cities. FBR has also tasked the field office with identifying areas not covered by SROs. In addition, the board has instructed the field formations to report any discrepancies in the valuation tables.
Regional Tax Offices (RTOs) will oversee the task, as individual taxpayers fall under their jurisdiction, it was revealed. FBR instructed RTOs to submit a revised property valuation by 5 p.m. today.
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