ISLAMABAD: Federal Board of Revenue (FBR) has proposed to phenomenal increase in valuation for commercial and residential immovable properties in Karachi for the purpose of collection of income tax.
According to new proposed valuation table for immovable properties in Karachi the FBR proposed new rates for seven different categories in 10 areas.
The FBR said that the new rates of immovable properties will be applicable from July 01, 2019.
The FBR said that:
(i) Values in the above Table are in rupees;
(ii) value is per square yard of the covered area of ground floor plus covered area for the additional floor;
(iii) commercial property built up value is per square yard of the covered area of the ground floor plus covered area of the additional floor, if any;
(iv) built up industrial property value is per square yard of the plot area per square foot;
(v) the value in respect of a residential building consisting of more than one storey shall be increased by 25 percent for each additional storey i.e. value of each storey other than ground floor shall be calculated at 25 percent of the value of the ground floor;
(vi) a property which does not appear to fall in any of the categories shown in the Appendix below shall be deemed to fall in the adjacent lowest category of the Appendix;
(vii) whether the land has been granted for more than one purpose. viz residential, commercial and industrial, the valuation in such a case shall be the mean/average prescribed rate;
(viii) a flat means the covered residential tenement having separate property unit number/sub-property unit number;
(ix) in residential, multi storey building, additional storey shall be charged if it consists of bed room and bath room;
(x) the rates for basements of built in commercial property in categories I, II, III and IV shall be Rs. 13,500 per square yard;
The FBR proposed valuation of immovable properties in Karachi are:
| Category | Residential open plot per square yard | Residential Built up Property per square yard | Commercial open plot per square yard | Commercial Built up Property per square yard | Industrial open plot per square yard | Industrial Built up Property per square foot | Flats/ Apartments per square foot |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
| A-I | 80,000 | 105,000 | 200,000 | 220,000 | – | – | 15,000 |
| I | 50,000 | 62,000 | 140,000 | 155,000 | 21,895 | 4,370 | 10,260 |
| II | 23,000 | 34,000 | 120,000 | 130,000 | 18,240 | 4,370 | 5,700 |
| III | 11,000 | 20,000 | 50,000 | 59,000 | – | – | 3,420 |
| IV | 9,000 | 17,000 | 37,000 | 46,000 | – | – | 2,280 |
| V | 3,500 | 9,000 | 8,000 | 14,000 | – | – | 1,368 |
| VI | 2,000 | 7,000 | 4,000 | 10,000 | – | – | 684 |
| VII | 40,000 | 50,000 | 135,000 | 145,000 | – | – | 11,400 |
| VIII | 11,000 | 20,000 | 50,000 | 59,000 | – | – | 3,420 |
| IX | 15,000 | 25,000 | 75,000 | 85,000 | – | – | 5,814 |
| X | 16,000 | 26,000 | 80,000 | 90,000 | – | – | 6,840 |
The existing valuation of immovable properties in Karachi are:
| Category | Residential open plot per square yard | Residential Built up Property per square yard | Commercial open plot per square yard | Commercial Built up Property per square yard | Industrial open plot per square yard | Industrial Built up Property per square foot | Flats/ Apartments per square foot |
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) |
| A-I | 42,000 | 48,000 | 120,000 | 81,000 | – | – | 6,000 |
| I | 30,000 | 38,000 | 90,000 | 64,000 | 11,524 | 2,300 | 5,400 |
| II | 14,400 | 24,000 | 72,000 | 42,000 | 9,600 | 2,300 | 3,000 |
| III | 7,200 | 13,200 | 30,000 | 21,600 | – | – | 1,800 |
| IV | 6,000 | 7,200 | 22,800 | 12,000 | – | – | 1,200 |
| V | 2,160 | 4,800 | 4,800 | 7,560 | – | – | 720 |
| VI | 1,080 | 3,600 | 2,400 | 5,400 | – | – | 360 |
| VII | 24,000 | 33,600 | 84,000 | 18,000 | – | – | 6,000 |
| VIII | 7,200 | 13,200 | 30,000 | 21,600 | – | – | 1,800 |
| IX | 9,000 | 10,058 | 45,600 | – | – | – | 3,060 |
| X | 10,200 | 12,000 | 45,600 | – | – | – | 3,600 |
