ISLAMABAD: Federal Board of Revenue (FBR) has proposed massive increase in valuations of immovable properties in Lahore to be effective from July 01, 2019.
The FBR about two days back issued valuation tables of immovable properties in 18 cities of Pakistan. The FBR invited comments and suggestions on the proposal from the stakeholders before implementing those by July 01, 2019.
A cursory look on the proposed valuation of immovable properties in Lahore suggested that the FBR was planning to generate a sizeable revenue from sales and purchase of immovable properties during next fiscal year.
The increase in valuation is not uniform as it was done by the FBR by increase valuation by 20 percent through SROs issued in February 2019.
The FBR now proposed locality based increase in valuation and the increase may be over 100 percent increase on the existing valuations.
The comparative valuations of immovable properties in Lahore are given below so readers can measure the quantum of increase:
In the proposed valuation the FBR given separate valuation of commercial and residential immovable properties. Besides, a new concept of valuation of immovable properties has been introduced for properties up to five years and properties above five years old.