ISLAMABAD: Federal Board of Revenue (FBR) is set to issue fresh valuation tables for immovable properties across the country.
In this regard, the revenue body has started working on the existing tables and prevailing rates of the immovable properties in the key cities of the country, sources said.
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Starting from July 1, 2023, the Federal Board of Revenue (FBR) will be increasing the values of immovable properties in Pakistan, and has begun updating the valuation tables in consultation with the provincial authorities.
To facilitate this process, the FBR has issued a notification for the constitution of committees to oversee the valuation of immovable properties, including new housing schemes, residential and commercial projects.
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The FBR has also instructed field formations to coordinate with district administrations for finalizing the valuation tables.
Senior members of the Board of Revenues in Sindh, Balochistan, Punjab, Khyber-Pakhtunkhwa, and Gilgit-Baltistan have been asked to nominate representatives for consultation with the teams constituted by the chief commissioners of Regional Tax Offices.
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The RTOs have been directed to initiate the process of updating the existing valuation tables of immovable properties, while the committees will have specific terms of reference, including updating rates, recommending fair market values, adopting “Square Yard” as a unit of measurement, and consulting with real estate associations and stakeholders.
The FBR is currently pursuing the Pakistan Raises Revenue Project (PRRP), a taxation reform agenda under the World Bank’s auspices, which aims to harmonize the valuation of immovable properties between the FBR and provincial governments/districts.
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To reduce anomalies, coordination with respective district administrations is advisable while finalizing valuation tables. The committee may co-opt an officer of Inland Revenue or any other person for carrying out surveys/field visits, and the Secretary (Rules and SR0s), Inland Revenue Policy Wing, FBR, will act as the focal person/coordinator.
