Karachi: The Federal Board of Revenue (FBR) on Sunday issued a clarification in which it announced that the valuation rates of immovable properties notified by the taxation authority on February 1 would remain applicable until further notice, a news source reported.
According to the officials concerned, the federal institution is finalising new valuation rates for immovable properties in a bid to increase its revenue.
Previously, the FBR had increased its valuations rates by up to 20% for immovable properties situated in various cities. To prevent any property transaction malpractices, it also established a Directorate General of Immovable Properties and tasked it with confiscating the properties with under-declared valuation figures.
Accompanying the newly proposed valuations on June 3, the authority had also proposed to abolish the rule that did not allow revenue authorities to find information regarding the source of the purchased immovable properties.
An official of the Inland Revenue stated that the FBR, through the implementation of stringent measures, anticipated record revenue numbers against property transactions.
