FBR revises property valuation in Islamabad

ISLAMABAD: The Federal Board of Revenue (FBR) has issued a notification revising the valuation of residential and commercial plots at 68 locations in Islamabad.

Under SRO 2390, new valuation rates have been applied for the purchase and sale of properties in the federal capital.

The updated rates will cover residential, commercial, and rural areas, reflecting fair market values.

FBR officials said the new valuation will impact property transactions, capital gains tax, and withholding tax, increasing transparency in real estate dealings across Islamabad.

Authorities noted that the new rates could also lead to higher tax revenues from property. Real estate developers, investors, buyers, and sellers are now required to follow the updated valuation tables.

FBR officials asserted that adherence to legal regulations and tax laws will be mandatory under the new system. The FBR’s objective is to align declared property values with actual market prices.

Earlier, the Federal Board of Revenue (FBR) Chairman, Rashid Langrial, stated that a vigorous nationwide crackdown against tax evaders is underway daily.

Speaking informally to the media in Islamabad, he discussed in detail the ongoing operations against tax evasion and smuggling across the country.

He revealed that 30 individuals who had been under-reporting their income have already received notices. Complete data has also been obtained for those who failed to file their tax returns or filed incorrect ones.

The FBR chairman said a Chief Commissioner for Enforcement has been appointed, under whom all operations will be conducted. Daily reports are now being compiled on actions taken against tax evaders.