Islamabad: The Federal Board of Revenue (FBR) on Tuesday (February 1) has postponed the implementation of the revised property value rates issued in SROs No 1534(1)/2021 to 1572(1)/2021 dated December 1, 2021, on hold until March 1, 2022. This is the third time the authority has deferred the valuation rates since it first issued the valuation rate back on December 1, 2021.
According to reports, the FBR planned to provide new valuation rates for immovable property in 40 major cities on February 1st, as previously announced in an internal memorandum. However, it has postponed the release of new tariffs yet again. In the prior two deferments, the FBR was supposed to provide new rates on January 16, 2022, but it did not. However, the new rates will now be introduced on March 1, 2022. It is worth noting that the FBR raised the value rates in 40 different cities by up to 700% in an official announcement released on December 1, 2021.
The FBR agreed to postpone the updated value enforcement until January 16, 2022. This was due to the chief commissioners being directed to form the Value Review Committee and update the valuation rates in consultation with stakeholders.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
