ISLAMABAD – In a move aimed at enhancing transparency and accuracy in the determination of income tax related to the sale and purchase of immovable properties, the Federal Board of Revenue (FBR) has issued a new valuation table for 339 areas in Peshawar.
The official notification, SRO 124(I)/2019, dated February 01, 2019, outlines the revised valuation rates for immovable properties in the city.
This announcement comes as a significant update, superseding the previous notifications, SRO 791(I)/2016 dated August 25, 2016, and SRO 667(I)/2016 dated August 02, 2016, both of which pertained to the valuation of immovable properties in Peshawar. Notably, the number of areas covered by the new SRO has increased from 335 to 339.
The decision to introduce a fresh valuation table aligns with the FBR’s ongoing efforts to streamline and regulate the real estate market, ensuring that property transactions accurately reflect their market values. The move is also anticipated to have implications for the determination of income tax associated with property transactions in Peshawar.
The FBR, through these measures, seeks to address concerns related to the transparency and consistency of property valuations, which are crucial elements in the overall tax assessment framework. By withdrawing the previous SROs and introducing an updated valuation table, the FBR aims to reflect the current market dynamics and property values in Peshawar more accurately.
Property valuation plays a pivotal role in the computation of income tax, impacting both buyers and sellers in real estate transactions. The revision in valuation rates is expected to have an impact on the tax liabilities associated with property transactions in the designated areas of Peshawar.
While the specific details of the revised valuation rates for immovable properties in Peshawar have not been disclosed in the initial announcement, market participants and stakeholders are keenly awaiting further information. The FBR’s commitment to periodic reassessment and updates reflects its dedication to maintaining fairness and accuracy in the taxation system.
As this development unfolds, real estate professionals, taxpayers, and investors will be closely monitoring the implications of the new valuation table, anticipating a clearer and more transparent system for determining income tax in property transactions in Peshawar. The withdrawal of the previous SROs and the issuance of the updated table mark a crucial step towards fostering a more efficient and equitable real estate market in the region.
