Islamabad: The Federal Board of Revenue (FBR) released notification for the fair market price of properties on Monday. The document, prepared according to the authority extended to FBR through the Presidential Ordinance 2016, comprises several thousand pages.
According to a news report, the document contains fair market price of properties in 21 cities including Karachi, Islamabad, Lahore, Peshawar, Quetta, Gwadar and others from Khyber Pakhtunkhwa, Punjab and Sindh. FBR is currently working on determining fair market rate of properties in 100 districts.
The news source reported further that in cities where new fair market rates haven’t been determined, property taxes will be charged according to the Deputy Commissioner Rate.