ISLAMABAD, AUGUST 16: The publication of the revised valuation of immovable assets nationwide has been postponed by the Federal Board of Revenue (FBR).
According to the FBR’s proposal, by July 2024, notice would need to be issued in order to raise the assessment of immovable assets in major urban areas from 75% to 90% of the market rate. As of mid-August 2024, nevertheless, the FBR has not yet released the updated alerts.
The Regional Tax Offices and stakeholders held meetings to finalize new rates of immovable properties in the field formations. In the meantime, the new FBR Chairman, who has been engaged in presentations, was appointed.
Official sources Bloom Pakistan told that the values are expected to be revised upward in the coming weeks. FBR is going to revise upward the valuation rates of properties. The Statutory Regulatory Order (SRO) will be issued, and it will raise the FBR’s valuation rates from the existing 75 percent to at least 90 percent of the market rate, they added.
