Islamabad: The Federal Board of Revenue (FBR) has proposed a 25-30% increase in the valuation rates of immovable property for 18 cities (including Islamabad and Lahore), a news source reported.
The federal institution has made recommendations for this hike to facilitate its efforts to bring valuation rates at par with fair market value. The proposed increase means that the valuation rates (after their implementation) will be jacked up from their current value of 60% to 85-90%.
The cities affected are as follows: Abbottabad, Bahawalpur, Faisalabad, Gujrat, Hyderabad, Islamabad, Jhang, Jhelum, Lahore, Mardan, Multan, Peshawar, Rawalpindi, Sahiwal, Sargodha, Sialkot, Gujranwala, and Sukkur.
However, the FBR has not proposed any increase in valuation rates of immovable property for Karachi and Quetta. According to the officials, these proposed changes aim to maximise revenue collection on real estate transactions.
The authority has uploaded a draft of the revised valuation tables for these cities on its website and has invited comments from the stakeholders concerned by June 30. The revised rates will reportedly be applicable from July 1 onwards.