The Federal Board of Revenue (FBR) has proposed enhanced values of immovable properties in 18 cities except Karachi and Quetta. According to the FBR, the Board intends to revise the value of immovable properties in various cities of Pakistan from July 1, 2019. The proposed draft of valuation tables for various cities is hereby placed for the stakeholders for views and comments which may be provided not later than 30th June 2019 at email address [email protected].
The new revised rates are intended to be applicable from 1st July 2019. ccording to the proposed valuation tables issued by the FBR, values has been proposed to be increased on properties located in Islamabad, Abbottabad, Lahore, Bahawalpur, Faisalabad, Peshawar, Rawalpindi, Multan, Mardan, Jhang, Gujrat, Sukkur, Gujranwala, Hyderabad, Sialkot, Sargodha, Sahiwal and Jhelum. At present, the Board has issued valuation tables of immovable properties in 21 major cities wherein such properties are valued at a value higher than the DC rates.
The purchasers are also required to pay 3% tax on the difference between the DC value and FBR value of property to explain the source of investment to the extent of differential between FBR value and DC value. The rates notified by the Board are still considerably lower than actual market value. It is therefore intended that FBR rates of immovable properties would be taken closer to or about 85% of actual market value, FBR added.
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