Islamabad: The Federal Board of Revenue (FBR) on Tuesday (January 18) has extended the deadline for implementing the revised valuation rates of properties in 40 cities till January 31, 2022, according to a news story published on Wednesday (January 19).
As per the details, the FBR stated that the previous notification was put on hold and will be renotified on February 1, 2022. Reportedly, Finance Minister Shaukat Tarin and FBR senior officials were considering revising the valuation rates of properties upward ranging from 25% to 50% as per the Statutory Regulatory Order (SRO) issued by the board in 2019.
It is pertinent to note that the FBR had sharply increased the valuation rates in 40 different cities up to 700% through an official notification issued on December 1, 2021. The FBR decided to delay the revised valuation till January 16, 2022. This was because the chief commissioners were ordered to constitute the Valuation Review Committee and revise the valuation rates in collaboration with stakeholders.
Iqra holds BS in International Relations and is passionate about writing engaging content on trending real estate topics. When not working, she is either spending time with family, shopping, or discussing shows & movies.
