{"id":93257,"date":"2023-04-03T14:21:57","date_gmt":"2023-04-03T09:21:57","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=93257"},"modified":"2023-04-03T14:22:55","modified_gmt":"2023-04-03T09:22:55","slug":"property-valuation-rates-for-fy-24","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/property-valuation-rates-for-fy-24.html","title":{"rendered":"FBR, provinces to jointly determine property valuation rates for FY-24"},"content":{"rendered":"\n

Lahore: The Federal Board of Revenue (FBR<\/a>) and provincial government are to collaborate to determine the new values of immovable properties, which will be notified in the upcoming fiscal year (FY) 2023-24, according to news published on April 2.<\/p>\n\n\n\n

Read:<\/strong> Revealing Benefits of investing in FBR-Registered Vertical Projects in Lahore<\/a><\/p>\n\n\n\n

It is announced that the revision of immovable property tables in major cities will be revised upwards and will be applicable from July 1, 2023. The FBR issued notice on Saturday (April 1) for the formation of committees for the task, which is to be completed by May 15 to enable notification of new rates from July 1.<\/p>\n\n\n\n

As per the plan, the Regional Tax Offices (RTOs) are to initiate the process of updating the valuation tables previously notified under Section 68, Sub-section (4) of the Income Tax Ordinance, 2001.<\/p>\n\n\n\n

The terms of reference (TORs) of the committees will be as under:
\u2022 Update the rates notified already by the board and highlight any over\/undervaluation <\/p>\n\n\n\n

\u2022 Recommend rates for areas\/cities in respect of which fair market values have not been previously determined by the board including new residential schemes, commercial projects, and apartment complexes. \u2018Keeping in view the availability of market rates, if these are available, the same may be included in the draft valuation tables.\u2019 <\/p>\n\n\n\n

\u2022 \u2018Square yard\u2019 will be adopted as the uniform unit of measurement <\/p>\n\n\n\n

Read:<\/strong> Revealing Benefits of investing in FBR-Registered Vertical Projects in Lahore<\/a><\/p>\n\n\n\n

\u2022 Consult with the real estate associations of particular areas and stakeholders who come up with their grievances through the said area association. <\/p>\n\n\n\n

\u2022 The directions\/recommendations of Courts\/Federal Tax Ombudsman (FTO) on the existing valuation may be taken into consideration for new valuation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Lahore: The Federal Board of Revenue (FBR) and provincial government are to collaborate to determine the new values of immovable properties, which will be notified in the upcoming fiscal year (FY) 2023-24, according to news published on April 2. Read: Revealing Benefits of investing in FBR-Registered Vertical Projects in Lahore It is announced that the revision of immovable property tables in major cities will be revised upwards and will be applicable from July 1, 2023. The FBR issued notice on Saturday (April 1) for the formation of committees for the task, which is to be completed by May 15 to enable notification of new rates from July 1. As per the plan, the Regional Tax Offices (RTOs) are to initiate the process of updating the valuation tables previously notified under Section 68, Sub-section (4) of the Income Tax Ordinance, 2001. The terms of reference (TORs) of the committees will be as under:\u2022 Update the rates notified already by the board and highlight any over\/undervaluation \u2022 Recommend rates for areas\/cities in respect of which fair market values have not been previously determined by the board including new residential schemes, commercial projects, and apartment complexes. \u2018Keeping in view the availability of market…<\/p>\n","protected":false},"author":75,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015,15016],"tags":[19230,56817],"persona":[],"class_list":{"0":"post-93257","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"category-new-developments","9":"tag-federal-board-of-revenue-fbr","10":"tag-property-valuation-rates-for-fy-24","11":"cat-15015-id","12":"cat-15016-id"},"acf":[],"yoast_head":"\nFBR, provinces to fix property valuation rates - 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