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 Rate
Federal Board of Revenue (FBR) has announced new Immovable Property Valuation Rate 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 : Rawalpindi 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 Islamabad is extensively described below.
Islamabad New Property Valuation Rate
Islamabad is a city known for its high living standard. The property rates in Islamabad is quite high than other cities. As per new notification, updated valuation rate per square yard for immovable property of Islamabad is mentioned as follow:
Residential Immovable Property Valuation Rate Table
Flats/ Apartment Valuation Rate Table
Commercial Valuation Rate Table
Industrial Valuation Rate Table
Agro/ Poultry/ Vegetable Farm Valuation Rate Table
Fruit & Vegetable Market Valuation Rate Table
Residential Property Valuation Rate Table (for Bahria Enclave)
Commercial Property Valuation Rate Table (for Bahria Enclave)
