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FBR Tends to raise Immovable Property Valuation Rates in 40 Cities

The Federal Board of Revenue (FBR) has jacked up the Property Valuation Rates in 40 cities. Moreover, FBR has conjointly raised the valuation rates in some rural areas of Pakistan; a 10% to 30% increase is enforce to create them resonate with the DC rates.

As per the main points shared by FBR, The valuation rates of immovable properties in urban and rural areas are increase as per the policies of the planet Bank. Recently, World Bank issued a loan of $400 million beneath the “Pakistan Raises Revenues (PRR)” scheme. However, revised rates are implement with a condition. it’ll increase the general proportion of collected tax from immovable properties. consistent with officers of FBR, the freshly revised valuation rates are still less than the present market value.

Now, FBR is rewriting the valuation rates of properties in each urban and rural area of Asian nation for the twelve months 2022-2023. During the reign of the past government, totally different areas of the capital of Pakistan were exclude from the authority of FBR, and valuation rates were ablating to learn different political persons and housing projects. Now, the Federal Board of Revenue has conjointly enclosed those areas once more and revised the valuation rates.

Cities with Revised Immovable Property Valuation Rates

FBR revised valuation rates of the following cities:

  • Islamabad
  • Faisalabad
  • Sheikhupura
  • Chakwal
  • Bahawalnagar
  • Gujranwala
  • Hafizabad
  • Haripur
  • Jhelum
  • Bahawalpur
  • Khushab
  • Gwadar
  • Lasbella
  • Lodhran
  • Mandi Bahauddin
  • Multan
  • Rahim Yar Khan
  • Sargodha
  • Toba Tek Singh
  • Jhang
  • Sahiwal

In the latest issued SRO, FBR has currently revised the rates in Rawalpindi. In step with the official interpreter of FBR, they need to revise the rates of immovable property in just about 40 cities of Pakistan. FBR aims to bring the valuation rates of these cities as par the rates of various DC in their territories. The SRO free by FBR on thirteen Sept 2022 is following sub-section (4) of section 68 of the revenue enhancement Ordinance 2001 (XLIX of 2001) and replacement of its notification no S.R.0 361(I)/2022.

Revised Property Valuation Rates in Rawalpindi:

FBR announce the revised rates of property in Rawalpindi District; rates will be revised for the following areas:

  • Tehsil Taxila
  • Wah Cantt
  • Lalazar
  • New City (All Phases)
  • Kohistan Enclave
  • Aslam Market
  • Mumtaz City
  • Top City-1
  • Eighteen
  • Areas of Adyala Road
  • Gujjar Khan
  • Chakri Road

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