ISLAMABAD: The Federal Board of Revenue (FBR) has decided to issue new property valuation tables in 54 major cities of the country.
According to FBR sources, the process of re-fixation of property prices in various cities of the country has been completed. The new government property rates are likely to be increased from 75 percent to 90 percent of the market rates.
Sources say that the new property rates will be issued in all major cities including Karachi, Lahore, Islamabad, Multan, Peshawar and others. It has also been decided to issue a notification in a day or two after approval from the Ministry of Law with aim to increase tax collections.
Meanwhile, the real estate and construction sectors will not be discouraged, but there is a proposal to increase the tax on sellers and buyers of property files.
FBR sources added that real estate associations, builders and developers have been consulted in determining the new property rates.
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Earlier, Federal Tax Ombudsman (FTO) has initiated an Own Motion (OM) investigation under Section 9(1) of the Federal Tax Ombudsman Ordinance, 2000. This investigation was launched due to the significant challenges faced by Sales Tax Registration Number (STRN) holders in submitting their sales tax returns, following the introduction of SRO 350(1)/2024.
The investigation was prompted by complaints from several tax bar associations and chartered accountants, including the Multan, Sialkot, and Gujranwala Tax Bar Associations, as well as Nadeem & Co., Chartered Accountants, Lahore.
