{"id":53847,"date":"2019-07-24T13:18:35","date_gmt":"2019-07-24T13:18:35","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=53847"},"modified":"2020-01-27T05:54:40","modified_gmt":"2020-01-27T05:54:40","slug":"fbr-communicates-new-valuation-rates-for-immovable-properties-in-20-cities","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-communicates-new-valuation-rates-for-immovable-properties-in-20-cities.html","title":{"rendered":"FBR communicates new valuation rates for immovable properties in 20 cities"},"content":{"rendered":"

Karachi: The Ministry of Law has approved the Federal Board of Revenue\u2019s (FBR) proposed valuation table rates<\/a> for immovable properties in 20 major cities, a news source reported. The new rates, for which the board initiated a real-estate-stakeholder consultation process in June, will be applicable on all property transactions carried out in their corresponding locations from today (Wednesday) onwards.<\/p>\n

Read<\/strong>:\u00a0FBR sends revised valuation rates’ summary for approval<\/a><\/p>\n

The board has issued separate valuation table notifications for Karachi, Lahore, Islamabad, Rawalpindi, Peshawar, Quetta, Gwadar, Hyderabad, Bahawalpur, Faisalabad, Multan, Gujranwala, Abbottabad, Gujrat, Sargodha, Sahiwal, Jhelum, Jhang, Mardan, and Sukkur \u2013 accessible in PDF documents on its official website.<\/p>\n

The rates notified in the new tables stand between 80-85% \u2013 on an aggregate basis \u2013 of their respective properties\u2019 fair market price valuations. Please note that before July 2016, all taxes applicable on properties were collected according to the District Collector\u2019s (DC) rate \u2013 which, until a few years ago, amounted to only 10% of properties\u2019 fair market value.<\/p>\n

Read<\/strong>: FBR reverts property valuation rates to Feb 2019 figures<\/a><\/p>\n

With this revision, the FBR aims to bring the rates at which federal taxes on real estate are collected at par with their corresponding real market rates \u2013 in order to close a regulatory loophole which allowed tax evaders to \u2018whiten\u2019 their black money. Through this measure, the board aims to collect additional revenue of PKR 40 billion from the property sector during (fiscal year) FY2019-20.<\/p>\n

This is the second time that the FBR has upgraded its property valuation rates since February<\/a> this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Karachi: The Ministry of Law has approved the Federal Board of Revenue\u2019s (FBR) proposed valuation table rates for immovable properties in 20 major cities, a news source reported. The new rates, for which the board initiated a real-estate-stakeholder consultation process in June, will be applicable on all property transactions carried out in their corresponding locations from today (Wednesday) onwards. Read:\u00a0FBR sends revised valuation rates’ summary for approval The board has issued separate valuation table notifications for Karachi, Lahore, Islamabad, Rawalpindi, Peshawar, Quetta, Gwadar, Hyderabad, Bahawalpur, Faisalabad, Multan, Gujranwala, Abbottabad, Gujrat, Sargodha, Sahiwal, Jhelum, Jhang, Mardan, and Sukkur \u2013 accessible in PDF documents on its official website. The rates notified in the new tables stand between 80-85% \u2013 on an aggregate basis \u2013 of their respective properties\u2019 fair market price valuations. Please note that before July 2016, all taxes applicable on properties were collected according to the District Collector\u2019s (DC) rate \u2013 which, until a few years ago, amounted to only 10% of properties\u2019 fair market value. Read: FBR reverts property valuation rates to Feb 2019 figures With this revision, the FBR aims to bring the rates at which federal taxes on real estate are collected at par with their corresponding…<\/p>\n","protected":false},"author":75,"featured_media":26795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[12358],"persona":[],"class_list":["post-53847","post","type-post","status-publish","format-standard","has-post-thumbnail","category-legal-taxation","tag-fbr-communicates-new-valuation-rates-for-immovable-properties-in-20-cities","cat-15015-id"],"acf":[],"yoast_head":"\nFBR communicates new valuation rates for immovable properties in 20 cities - Zameen News<\/title>\n<meta name=\"description\" content=\"Karachi: The Ministry of Law has approved the Federal Board of Revenue\u2019s (FBR) proposed valuation table rates for immovable properties in 20 major cities,\" \/>\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-communicates-new-valuation-rates-for-immovable-properties-in-20-cities.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR communicates new valuation rates for immovable properties in 20 cities - 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