ISLAMABAD: The Federal Board of Revenue (FBR) has decided to revise the valuation rates of immovable property in 22 major cities of the country and the new rates would be applicable from July 1, ARY News reported.
According to the details, FBR proposed to enhance valuation rates of commercial plots by 67 percent and residential properties by 54 per cent in Karachi while 11 area-wise categories would be retained.
Under the A-1 category, FBR proposed to increase the value of residential properties by Rs 57,000 per square yard and commercial plots by Rs 139,000 per square yard.
In this category, an increase of Rs 38,000 per square yard has been proposed for open residential plots and Rs 80,000 for the commercial properties. FBR suggested to increase valuation rates of build up residential property by Rs 57,000 per square yard and Rs 139,000 for the commercial property.
Sources said that FBR suggested to increase valuation rates of properties in Islamabad, Rawalpindi, Lahore, Peshawar, Karachi and other major cities.
Earlier on April 25, Minister of State for Revenue Hammad Azhar had said that the government would revise property valuation rates from July 1.
Responding to a calling attention notice in the Senate, Hammad Azhar had said the government was taking steps to broaden the tax net and added that the next year would be focused on fiscal consolidation and stabilization.
He had said Supreme Court’s stay, which had now been vacated, to collect tax on mobile cards and compression of imports caused decline in tax collection. The minister had said that the decision would help reduce current account deficit worth Rs12bn.