FBR Increases Property Valuation Rates In Over 20 Cities

The Federal Board of Revenue (FBR) has increased the property valuation rates in over 20 cities, including some rural areas for the ongoing financial year in order to bring them in line with he property rates approved by the District Collectorates (DCs).

According to the details, the property valuation rates have been increased between the ranges of 10% to 30% and these will help collect more taxes from immovable property.

The move comes as part of requirements of the $400 million loan by the World Bank titled, ‘Pakistan Raises Revenue’. However, the FBR’s notified rates are still lower than the existing fair market value.

The FBR has now revised upward valuation rates of immovable properties for cities including Sheikhupura, Faisalabad, Bahawalnagar, Chakwal, Gujranwala, Hafizabad, Haripur, Jhelum, Bahawalpur, Khushab, Lasbella, Gwadar, Lodhran, Mandi Bahauddin, Multan, Rahim Yar Khan, Sargodha, Toba Tek Singh, Jhang, Sahiwal, Islamabad, Rawalpindi, Attock, and Dera Ismail Khan in its latest issued SRO.

The Statutory Regulatory Order (SRO) issued by the FBR on September 13, 2022 states, “In the exercise of powers conferred by subsection (4) of section 68 of the Income Tax Ordinance, 2001 (XLIX of 2001) and in supersession of its Notification No. S.R.O. 361(I)/2022, dated the 2nd day of March 2022, the Federal Board of Revenue is pleased to determine the fair market value of immovable properties.”

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