Instructions Issued by FBR for the Evaluation of Immovable Properties Valuation Rates
Islamabad: According to reports, the Federal Board of Revenue (FBR) has decided to reconsider the immovable property valuation rates on Tuesday, 7 December, after receiving notice of anomalies in freshly declared valuation tables from real estate agents and housing schemes.
The decision was taken as a result of the Senate Standing Committee on Finance and Revenue’s recommendation that the apex tax body administer property tax rates with market parity.
FBR has announced the formation of a valuation review committee comprised of all chief commissioners of inland revenue, whose purpose is to hear the complaints of stakeholders and relators on valuation rates by December 15 and analyze the pricing. Therefore, all interested parties are invited to submit their comments till then.
The chief commissioner will hold an advisory session with interested parties and solicit the State Bank of Pakistan’s approved values for rate determination.
The Valuation Review Committee should decide and notify the board by January 20, 2022, based on representations. The FBR then notifies the VRCs’ recommendations, which should be implemented on January 16th.
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