FBR
Federal Board of Revenue (FBR) is an attached department on Ministry of Finance, Pakistan. This department is working as a revenue division since 1998. On July 2017, it is working as a Federal Board of Revenue under FBR Act 2007.
FBR & Taxation
FBR is the department that deals with collection of domestic tax including following categories:
- Income Tax
- Sales Tax
- Federal Excise Duty
- Withholding Tax
FBR & Property Valuation Rates
Federal Board of Revenue (FBR) has announced new Immovable Property Valuation Rates Table for more than 20 cities. These changes are subject to different categories including residential, commercial, apartments & industrial plots. The decision is taken to bring FBR rates closer to market values. As a result of which the taxation rate will be bit higher than usual.
As per news report, the FBR rates will be increased up to 80 percent of market value. Meanwhile, it was only 10 percent of the market value few years ago. This notification will be applicable from July 24, 2019.
Also Read About : Islamabad New Property Valuation Rates by FBR
Legal Notification
As per the official website of FBR, new Immovable Property Valuation Rate Table is announced under Income Tax Ordinance, 2001, Section 68 (4). The new valuation rate of residential & commercial plots of Rawalpindi is extensively described below.
Rawalpindi New Property Valuation Rates
Rawalpindi is a big Metropolitan City. With present population influx, the periphery of city is expanding at unimaginable speed. Furthermore, the sale & purchase of properties in Rawalpindi is also hiked up. The ultimate aim of FBR is to bring the FBR property value in accordance with fair market value.
As per new notification, updated valuation rate per square yard for immovable property of Rawalpindi is mentioned as follow.
