Values of immovable properties: Realtors urge FBR to explain proposed raise

Values of immovable properties: Realtors urge FBR to explain proposed raise

ISLAMABAD: The real estate sector has urged the Federal Board of Revenue (FBR) to explain whether the rationale behind the proposed enhancement in values of immovable properties is documentation or merely increasing revenue collection in 2021-22.

In this connection, Muhammad Ahsan Malik, general secretary, Real Estate Consultants Association (RECA) DHA Islamabad-Rawalpindi, has written a letter to the FBR. According to the association, the RECA DHA Islamabad-Rawalpindi is the leading Real Estate Association in Pakistan.

Recently, the RECA has resolved the issue of the DNFBP's between the government and the realtors on August 17, 2021. Now the industry has some serious concerns on the enhancement of the FBR Valuation Table at this point of time because during the last FBR values enhancement in 2019, it was decided that 10 percent enhancement would be made every year.

Now, the industry wants to know about the intentions of the FBR as to whether they are interested to increase the revenue or they want to document the undocumented economy. It is suggested that instead of increasing the FBR Rates at the end of the year 2021, it is suggested that this exercise may be carried out in the coming financial year like DC rates.

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