ISLAMABAD: Chairman Federal Board of Revenue Shabbar Zaidi has directed Member Policy Inland Revenue Hamid Ateeq Sarwar to finalize the revised valuation rates of properties before first of July 2019.
He has also indicated that Federal Board of Revenue will not put the burden on the shoulders of people and revised valuation rates of immoveable property may be less than a present of market value of property.
He has mentioned that the new revised valuation rates of property are uploaded on the website of FBR but real estate sector representatives can share their suggestions to finalise the real time rates of property.
It is important to mention here that the Federal Board of Revenue (FBR) has decided to revise the valuation rates of immovable property in 22 major cities of the country and the new rates would be applicable from July 1.
According to the details, FBR proposed to enhance valuation rates of commercial plots by 67 percent and residential properties by 54 percent in Karachi while 11 area-wise categories would be retained. Under the A-1 category, FBR proposed to increase the value of residential properties by Rs57,000 per square yard and commercial plots by Rs139,000 per square yard. In this category, an increase of Rs38,000 per square yard has been proposed for open residential plots and Rs 80,000 for the commercial properties.
FBR suggested to increase valuation rates of build-up residential property by Rs 57,000 per square yard and Rs 139,000 for the commercial property. Sources said that FBR suggested to increase valuation rates of properties in Islamabad, Rawalpindi, Lahore, Peshawar, Karachi and other major cities.
It is pertinent to mention that on April 25, Minister of State for Revenue Hammad Azhar said that the government would revise property valuation rates from July 1.
Responding to a calling attention notice in the Senate, Hammad Azhar said the government was taking steps to broaden the tax net and the next year would be focused on fiscal consolidation and stabilization.