The Federal Board of Revenue (FBR) is set to announce new property rates, expanding its coverage to 54 cities across the country, up from the previous 42.
Sources indicate that these rates will be unveiled in the coming days, along with new valuations for an additional 12 cities.
The reassessment of property prices has been completed, with the new valuations expected to align more closely with current market rates.
Notably, property rates in Balochistan will see a reduction, while major cities like Karachi, Lahore, Islamabad, and Peshawar will receive updated rates.
The new valuation tables are anticipated to be released this week, pending approval from the Ministry of Law, with the goal of boosting tax revenues from property transactions.
FBR officials have clarified that the real estate and construction sectors will not face discouragement; however, there is a proposal to increase taxes for individuals involved in buying and selling property files.
Read more
FBR aiming to achieve tax collection target without imposing new taxes
FBR abolishes customs intelligence department due to performance issues
Consultations with real estate associations, builders, and developers have informed the determination of these new rates.
Cities included in the new property valuation process are Bhakkar, Charsadda, Chiniot, Khanewal, Khushab, Mianwali, Sibi, and Swabi.
