The Federal Board of Revenue (FBR) planned to revise the valuation rate of immovable property that go through the roof by 25 to 30%. So Capital gain tax & advance tax would be applicable after July 1st. Certainly, FBR envisions to bring property valuation rates closer to fair market value.
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Consequently, valuation rates would be increased by 60-95% as compared to there current value after implementation of these proposed rates. As per news sources, this step is taken to get the most out of the real estate transaction for revenue collection. The revised valuation tables has been published on the official website of FBR. Furthermore, stakeholders are also invited for further discussion by June 30th.
Affected Cities
Overall, the major cities affected by this order includes:
- Islamabad
- Rawalpindi
- Abbottabad
- Bahawalpur
- Faisalabad
- Gujrat
- Hyderabad
- Jhang
- Jhelum
- Lahore
- Mardan
- Multan
- Peshawar
- Sahiwal
- Sargodha
- Sialkot
- Gujranwala
- Sukkur
Meanwhile, FBR have not proposed any change in valuation rate for the properties of Quetta & Karachi as yet.
