{"id":53749,"date":"2019-07-19T12:40:00","date_gmt":"2019-07-19T07:40:00","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=53749"},"modified":"2020-06-16T14:33:50","modified_gmt":"2020-06-16T09:33:50","slug":"fbr-sends-revised-valuation-rates-summary-approval","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-sends-revised-valuation-rates-summary-approval.html","title":{"rendered":"FBR sends revised valuation rates’ summary for approval"},"content":{"rendered":"

Islamabad: The Federal Board of Revenue (FBR) on Thursday sent its summary of the revised valuation rates<\/a> for immovable properties in 20 major cities \u2013 proposed on June 23; following the government\u2019s budget announcement of June 11 which provided some indication of an expected increase<\/a> \u2013 to the Ministry of Law for approval, a news source reported.<\/p>\n

Through the implementation of the new valuation rates, the FBR aims to bring property rates at par with their fair market values and increase the government\u2019s tax revenue attained from the real estate sector.<\/p>\n

Read:\u00a0FBR valuation tables 2019 \u2013 What\u2019s coming next?<\/a><\/p>\n

The board had initially planned to enforce the new rates starting July 1 \u2013 after making consultations with the stakeholders concerned. An FBR spokesperson later announced, however, that the rates notified earlier in February 2019 would stand valid until further notice<\/a>.<\/p>\n

Following the law ministry\u2019s approval, the new FBR valuation rates will come into effect in the following cities:<\/p>\n

1. Karachi
\n2. Islamabad
\n3. Lahore
\n4. Peshawar
\n5. Rawalpindi
\n6. Sukkur
\n7. Faisalabad
\n8. Gujranwala
\n9. Bahawalpur
\n10. Quetta
\n11. Abbottabad
\n12. Hyderabad
\n13. Gujrat
\n14. Sialkot
\n15. Sahiwal
\n16. Multan
\n17. Jhang
\n18. Mardan
\n19. Sargodha
\n20. Jhelum<\/p>\n

Furthermore, the FBR has also clarified that the individuals making purchases of goods amounting to over PKR 50,000 are now bound by law to share copies of their CNICs with the businesses registered for sales tax collection purposes.<\/p>\n

In contrast, individuals making purchases from businesses not registered with the FBR are not required to follow this requirement.<\/p>\n

The purpose of this new rule, as has been reported, is to document the economy<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Islamabad: The Federal Board of Revenue (FBR) on Thursday sent its summary of the revised valuation rates for immovable properties in 20 major cities \u2013 proposed on June 23; following the government\u2019s budget announcement of June 11 which provided some indication of an expected increase \u2013 to the Ministry of Law for approval, a news source reported. Through the implementation of the new valuation rates, the FBR aims to bring property rates at par with their fair market values and increase the government\u2019s tax revenue attained from the real estate sector. Read:\u00a0FBR valuation tables 2019 \u2013 What\u2019s coming next? The board had initially planned to enforce the new rates starting July 1 \u2013 after making consultations with the stakeholders concerned. An FBR spokesperson later announced, however, that the rates notified earlier in February 2019 would stand valid until further notice. Following the law ministry\u2019s approval, the new FBR valuation rates will come into effect in the following cities: 1. Karachi 2. Islamabad 3. Lahore 4. Peshawar 5. Rawalpindi 6. Sukkur 7. Faisalabad 8. Gujranwala 9. Bahawalpur 10. Quetta 11. Abbottabad 12. Hyderabad 13. Gujrat 14. Sialkot 15. Sahiwal 16. Multan 17. Jhang 18. Mardan 19. Sargodha 20. Jhelum Furthermore, the…<\/p>\n","protected":false},"author":18,"featured_media":25713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[12312,12313],"persona":[],"class_list":{"0":"post-53749","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-details-on-fbr-sends-revised-valuation-rates-summary-for-approval","9":"tag-fbr-sends-revised-valuation-rates-summary-for-approval","10":"cat-15015-id"},"acf":[],"yoast_head":"\nFBR sends revised valuation rates' summary for approval - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) on Thursday sent its summary of the revised valuation rates for immovable properties in 20 major cities \u2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-sends-revised-valuation-rates-summary-approval.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR sends revised valuation rates' summary for approval - 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