The Federal Board of Revenue (FBR) is set to announce the updated property valuations that will expand coverage to 54 cities across the country, up from the previous 42. Sources indicate that the new rates, which will incorporate valuations for 12 additional cities, are expected to be announced in the coming days.
This process was undertaken with the view of correcting the market anomalies that have led to a divergence of property prices from the current market value. However, property rates are expected to come down in Balochistan while Karachi, Lahore, Islamabad, and Peshawar will get new rates.
The new valuation tables are expected to be published this week if the Ministry of Law approves them. This measure aims at increasing the tax collection from property sales while at the same time supporting the real estate and construction industries.
FBR officials have said that these new rates would not harm these sectors even though there are plans to raise taxes on people involved in property deals. The rates have been developed after due consultation with the real estate associations, builders and developers.
The new cities incorporated in this valuation update are Bhakkar, Charsadda, Chiniot, Khanewal, Khushab, Mianwali, Sibi, and Swabi.
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