{"id":95199,"date":"2023-10-16T17:05:18","date_gmt":"2023-10-16T12:05:18","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=95199"},"modified":"2023-10-16T17:05:20","modified_gmt":"2023-10-16T12:05:20","slug":"fbr-value-properties-real-time-basis","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-value-properties-real-time-basis.html","title":{"rendered":"FBR directed to value posh areas&#8217;s properties on real time basis"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) has been directed to value housing schemes in posh areas on real time basis to implement accurate valuation tables for immovable properties, reported by a news source on October 13.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-plans-register-taxpayers-remote-areas.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR unveils new plan for taxpayers\u2019 registration in remote areas<\/a><\/p>\n\n\n\n<p>&nbsp;The Federal Tax Ombudsman (FTO) has asked the FBR that housing schemes in posh areas must be valued in real-time, including the cost of built-up structures. The move comes after the FBR received feedback indicating flaws in the proposed rates by the Regional Tax Office (RTO) in Multan. These discrepancies led to under-valuation of properties concerning prevailing market rates, and the absence of clear distinctions between residential, commercial, and agricultural properties added to the challenges.<\/p>\n\n\n\n<p>Additionally, certain residential schemes announced by real estate developers were omitted from the valuation table. Acknowledging these shortcomings, the RTO has committed to addressing these issues in the next proposed valuation table, which will subsequently be notified by the FBR.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-audit-real-estate-filers-works.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR audit of real estate filers in works to catch tax evaders<\/a><\/p>\n\n\n\n<p>It is worth noting that the current valuation process of <a href=\"https:\/\/www.zameen.com\/news\/updating-valuation-tables-immovable-properties.html\" target=\"_blank\" rel=\"noreferrer noopener\">immovable properties<\/a> falls under the Pakistan Raises Revenue Projects (PRRO) initiative, a taxation reform agenda instructed by the World Bank. This ongoing process, undertaken by tax authorities, aims to develop a consistent valuation table for immovable properties and is subject to periodic review by respective Regional Tax Offices (RTOs).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) has been directed to value housing schemes in posh areas on real time basis to implement accurate valuation tables for immovable properties, reported by a news source on October 13. Read: FBR unveils new plan for taxpayers\u2019 registration in remote areas &nbsp;The Federal Tax Ombudsman (FTO) has asked the FBR that housing schemes in posh areas must be valued in real-time, including the cost of built-up structures. The move comes after the FBR received feedback indicating flaws in the proposed rates by the Regional Tax Office (RTO) in Multan. These discrepancies led to under-valuation of properties concerning prevailing market rates, and the absence of clear distinctions between residential, commercial, and agricultural properties added to the challenges. Additionally, certain residential schemes announced by real estate developers were omitted from the valuation table. Acknowledging these shortcomings, the RTO has committed to addressing these issues in the next proposed valuation table, which will subsequently be notified by the FBR. Read: FBR audit of real estate filers in works to catch tax evaders It is worth noting that the current valuation process of immovable properties falls under the Pakistan Raises Revenue Projects (PRRO) initiative, a taxation reform&hellip;<\/p>\n","protected":false},"author":83,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[57519,19230],"persona":[],"class_list":{"0":"post-95199","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fbr-directed-to-value-posh-areass-properties-on-real-time-basis","9":"tag-federal-board-of-revenue-fbr","10":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR to Value Properties on Real-time Basis- Zameen News<\/title>\n<meta name=\"description\" content=\"The FBR has been directed to value housing schemes in posh areas on real time basis for accurate valuation tables for immovable properties...\" \/>\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-value-properties-real-time-basis.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR to Value Properties on Real-time Basis- Zameen News\" \/>\n<meta property=\"og:description\" content=\"The FBR has been directed to value housing schemes in posh areas on real time basis for accurate valuation tables for immovable properties...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-value-properties-real-time-basis.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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