Islamabad: The Federal Board of Revenue (FBR) on Saturday (December 04) has said it would revisit its recent immovable property valuation rates in consultation with the stakeholders and realtors, news sources reported. The consultations will be held to adjust the rates of property in areas where the valuation rates exceed the market price.
FBR Spokesperson Tahr Jappa stated that the latest revisions in immovable property assessment for the 40 cities were made after FBR field formation personnel executed a consultative process. However, after discussing with stakeholders, the FBR will review the incidents where the valuation of the property surpasses existing market prices.
According to the spokesman, the valuations will be examined on a case-by-case basis. It is worth noting that the FBR revised the valuation of immovable assets on December 1, raising property prices to 100% to 600% of the previously calculated 2019 values. Realtors and stakeholders alerted the FBR that the adjustments were not based on real-time market data and that they needed to be examined. The FBR has raised prices in order to enhance the tax base associated with the real estate sector and construction industry, which is also a major worry on the agenda of the Financial Actions Task Force (FATF).
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
