Islamabad: Federal Minister for Finance Shaukat Tarin on Wednesday (January 26) has asked the Federal Board of Revenue (FBR) to extend the deadline for implementation of revised valuation rates of properties in 40 major cities, according to news sources.
A meeting was held at the Finance Division between Finance Minister Tarin and a delegation of the Real Estate Consultants Association (RECA) led by Secretary-General Ahsan Malik. As per the details, the finance minister has issued instructions to extend the deadline till March 1, 2022. He went on to say that FBR must decide the valuation rates after consulting all the stakeholders. During the meeting, the secretary-general stated that the real estate sector wants to have one valuation rate across the country instead of market rates, FBR rates, and valuation rates notified by DC. However, the condition of World Bank (WB) USD 400 million loans was that the FBR valuation rates will be revised to align it with the market rates.
Reportedly, the real estate tycoons expressed their concerns that the jacked-up valuation rates will adversely affect the boom of the construction sector. It is pertinent to note that previously, the FBR decided to extend the implementation deadline till January 31, 2022.
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