Currently, the Federal Board of Revenue (FBR) is working on including the revision of FBR valuation tables for immovable properties as the board is considering to increase the valuation rates in order to bring them to the market rate.
The FBR valuation tables issued previously were lower in comparison to the market value. Now, if the FBR increases the rates, the taxes will increase too. With the current economic situation of the country in turmoil, FBR’s move doesn’t come out as ‘good news’ for the public. People are mostly looking forward to the upcoming budget with high hopes that the government would provide them with relief (as much as it can).
Therefore, the consideration of raising the FBR valuation tables for immovable properties are ‘not in line’ with that hope. Let’s see what the upcoming budget has in store for us – the common person.