{"id":86394,"date":"2022-06-03T15:16:05","date_gmt":"2022-06-03T10:16:05","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=86394"},"modified":"2022-06-03T15:16:10","modified_gmt":"2022-06-03T10:16:10","slug":"upward-revision-islamabad-property-valuations","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/upward-revision-islamabad-property-valuations.html","title":{"rendered":"Upward revision likely in Islamabad property valuations to increase tax revenue"},"content":{"rendered":"\n<p>Islamabad: The government is mulling an upward revision in the property valuation rates and increasing the valuations fixed previously by the Federal Board of Revenue (FBR) for the Islamabad Capital Territory (ICT) in the next budget, according to news published on June 03.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/realtors-reverting-property-valuation-provinces.html\" target=\"_blank\" rel=\"noreferrer noopener\">Real estate sector demands reverting property valuation to provincial govts<\/a><\/p>\n\n\n\n<p>The revision is aimed at getting the local real estate sector to contribute more in terms of tax revenue. It is highlighted that presently 44% or PKR 1.4 trillion worth of land valuation is not being utilized.<br>According to the sources, the low-level district administration officials who are involved in unrecorded, informal property transactions will also be held accountable. The task of specifying the new property <a href=\"https:\/\/www.zameen.com\/news\/fbr-notifies-new-valuation-rates-islamabad.html\" target=\"_blank\" rel=\"noreferrer noopener\">valuation rates <\/a>in ICT might be given to FBR from July.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-downward-revision-valuation-rates.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR revises down valuation rates of immovable property<\/a><\/p>\n\n\n\n<p>The current valuation table in ICT has three variations:<\/p>\n\n\n\n<p><br>\u2022 The valuation rate of the FBR<br>\u2022 The valuation rate of the district admin<br>\u2022 The valuation rate which is related to the actual market rate<\/p>\n\n\n\n<p><br>Presently, FBR is collecting withholding tax on transactions and capital gains tax on profits in major metropolises of the country. It was also highlighted that the present valuation rates in Islamabad reduced the total value of 106 revenue estates categorized as \u2018rural\u2019, and thus have cost the national exchequer million in tax revenue.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The government is mulling an upward revision in the property valuation rates and increasing the valuations fixed previously by the Federal Board of Revenue (FBR) for the Islamabad Capital Territory (ICT) in the next budget, according to news published on June 03. Read: Real estate sector demands reverting property valuation to provincial govts The revision is aimed at getting the local real estate sector to contribute more in terms of tax revenue. It is highlighted that presently 44% or PKR 1.4 trillion worth of land valuation is not being utilized.According to the sources, the low-level district administration officials who are involved in unrecorded, informal property transactions will also be held accountable. The task of specifying the new property valuation rates in ICT might be given to FBR from July. Read: FBR revises down valuation rates of immovable property The current valuation table in ICT has three variations: \u2022 The valuation rate of the FBR\u2022 The valuation rate of the district admin\u2022 The valuation rate which is related to the actual market rate Presently, FBR is collecting withholding tax on transactions and capital gains tax on profits in major metropolises of the country. It was also highlighted that the present&hellip;<\/p>\n","protected":false},"author":75,"featured_media":86395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016,15017],"tags":[52568],"persona":[],"class_list":{"0":"post-86394","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-developments","8":"category-notices-announcements","9":"tag-upward-revision-likely-in-islamabad-property-valuations-to-increase-tax-revenue","10":"cat-15016-id","11":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Upward revision likely in Islamabad property valuations - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The government is mulling an upward revision in the property valuation rates and increasing the valuations fixed previously by the Federal\" \/>\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\/upward-revision-islamabad-property-valuations.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Upward revision likely in Islamabad property valuations - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The government is mulling an upward revision in the property valuation rates and increasing the valuations fixed previously by the Federal\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/upward-revision-islamabad-property-valuations.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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