By Sohail Sarfraz
The Federal Board of Revenue (FBR) is ready to revise downward the values of immovable properties in cases where the FBR has recently enhanced the values beyond the actual market price.
According to a tweet of the FBR’s spokesperson here on Saturday, “the recently notified property valuation by the FBR was finalized through a consultative process by the field formations. However, if there are some instances of valuation beyond the market price, the same will be reviewed in consultation with the key stakeholders.”
A few days ago, the FBR claimed that to fix the fair market value of immovable properties, the FBR, Wednesday, revised upward the values of residential and commercial immovable properties located in 40 major cities across the country.
Through 40 notifications issued by the FBR, the tax authorities have raised the values of properties from December 1, 2021.
The values of almost all residential and commercial immovable properties of Pakistan have been increased in an attempt to bring them at par with the fair market values.
The FBR has enhanced the market values of residential and commercial immovable properties located in Abbottabad; Attock; Bahawalnagar; Bahawalpur; Chakwal; Dera Ismail Khan; DG Khan; Faisalabad; Ghotki; Gujranwala; Gujrat; Gwadar; Hafizabad; Hyderabad; Islamabad; Jhang; Jhelum; Karachi; Kasur; Khushab; Lahore; Larkana; Lasbela; Mandi Bahauddin; Mansehra; Mardan; Mirpurkhas; Multan; Nankana; Narowal; Peshawar; Quetta; Rahim Yar Khan; Rawalpindi; Sahiwal; Sargodha; Sheikhupura; Sialkot; Sukkur, and Toba Tek Singh.
According to real estate experts, the FBR has considerably raised valuation rates of immovable properties within the range of 100 to 600 per cent of major cities depending upon location, size, and commercial/business areas.
As a result of new values, the sale/purchase of big plots might be affected severely as real estate experts apprehended that the property business might witness the worst dip in months ahead, if the government did not revise down the existing valuation rates, they added.
The article was originally published in Business Recorder on December 05.
