FBR To Revise Rates Upward For Valuation Of

FBR to revise rates upward for valuation of properties
ISLAMABAD: The Federal Board of Revenue (FBR) has decided to revise rates for valuation of immovable properties in all major urban centres and adjacent areas to bring them on a par with the market price.

In an official communication to Chief Commissioners Regional Taxpayers Offices (RTOs) across the country, the officers have been directed for valuation tables of immovable property under sub-section (4) of section 68 of the Income Tax Ordinance 2001. The FBR’s existing valuation table is close to 60 to 70 percent of market rates so upward revision will help the FBR to bring it in line with the prevailing market rates.

At the moment, there are three different rates --- one exists on the ground, second the DC rates, and third the FBR’s notified rates.

There are instances where the DC rates in Islamabad Capital Territory (ICT) were slashed down instead of jacking them up so now the Islamabad RTO must analyse this aspect while revising valuation tables in different respective areas in ICT.

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