FBR Increases Property Rates By Up to 75% in 56 Cities across Pakistan
The Federal Board of Revenue has upward revised values of immovable properties in all the major cities of the country.
The new rates of immovable properties would become effective from November 1, 2024, on the national level.
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The FBR has issued notifications in this regard on Tuesday. Under the new notifications, the property values have been further increased up to nearly 75 percent of actual market rates.
Property Taxes Increased
The FBR has determined the new fair market value of immovable properties in respect of areas or categories specified through exercise of the powers conferred by sub-section (4) of section 68 of the Income Tax Ordinance, 2001.
The fair market value of the superstructures for residential, commercial and industrial areas/properties have also been notified in each city, the notification said.
56 Cities Across Pakistan: FBR Increases Property Rates By Up to 75% in 56 Cities
The valuation rates of properties in 56 cities have been increased that includes Abbottabad, Attock, Bahawalpur, Chakwal, Dera Ismail Khan, Dera Ghazi Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafiz Abad, Haripur, Hyderabad, Islamabad, Jhang, Jhelum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Lodhran, Mandi Bahauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur, and Toba Tek Singh.
On October 11, 2024, the Federal Tax Ombudsman ordered the FBR to make amendments in the values of immovable properties throughout the country within a period that the ombudsman itself had specified.
FBR Increases Property Rates By Up to 75% in 56 Cities across Pakistan
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