Islamabad: The Federal Board of Revenue (FBR) has increased the valuation rates of properties in over 20 cities and some rural areas by 10-30% to bring them at par with the DC rates, according to news published in the national dailies on September 20.
As per the details, the World Bank (WB) laid this condition of revision of valuation tables of properties for USD 400 million loan titled ‘Pakistan Raises Revenues’. It was mentioned that the revised valuation rates will increase tax collection from immovable properties. The news source stated that the FBR’s notified rates are lower than the existing fair market value.
Reportedly, the FBR has revised the valuation tables of properties upward in different cities during the fiscal year 2022-2023. It was disclosed that the previously exempted areas of Islamabad Capital Territory (ICT) will also be included in the revised valuation rates. Now, the board has revised rates for the cities including Dera Ismail Khan, Rawalpindi, and Attock.
It is pertinent to note that previously, the FBR has revised the valuation rates of properties in 40 cities in a bid to bring them at par with the valuation notified by DC in the areas.