Lahore: The Federal Board of Revenue (FBR) has issued a notification to downward revise the valuation rates of immovable properties located in 1,271 localities and towns of Lahore to bring them in line with the district (DC) rates, news sources reported on January 4.
Under the new notification, the FBR has revised the rates for residential and commercial properties in Lahore, effective as of January 1, 2023. The authority has issued SRO 2300(I)/2022, which supersedes SRO 348(1)12022, dated March 2, 2022. As per the reports, FBR has reduced rates in most areas of the city but has also notified an upward revision in some areas to bring them on par with DC rates.
The new notification has taken effect on January 1, and is intended to determine the market value of immovable properties in the Lahore area. The boar has also prescribed relevant forms for taxpayers to file returns and pay taxes on immovable properties. The District Collectors are authorised to include any other officer or stakeholder in the committee for finalising the valuation tables after the anomalies in the valuation tables have been removed.
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