ISLAMABAD: The Federal Board of Revenue (FBR) has issued a notification on Wednesday to further suspend the new property valuation rates notified through SROs No 1534(1)/2021 to 1572(1)/2021 up to March 1, 2022.

In this connection, the FBR has issued office memorandum, here on Wednesday, on the review of valuation of immovable properties.

The new valuation tables of the immovable properties would be re-notified on March 1, 2022.

Earlier, the board had suspended the new property valuation rates till February 1, 2022.

Valuation of properties: FBR has not yet notified revised rates

The FBR had revised upward the values of residential and commercial immovable properties located in 40 major cities across the country.

The FBR is empowered to determine fair market value of immovable properties in terms of section 68(4) of the Income Tax Ordinance, 2001.

Therefore, the FBR vide SRO No 1534-1572(I)/2021, dated 1 December 2021 issued new valuation tables of properties across 40 major cities with a view to bringing them closer to the actual market prices.

Copyright Business Recorder, 2022