FBR Set to Significantly Increase Immovable Property Valuations This Week

The Federal Board of Revenue (FBR) is set to raise the values of immovable properties up to 75 percent of the existing market values.  Sources told ProPakistani that notification in this regard, which was earlier delayed, will now likely be issued on Friday (October 25).  Sources said that the revised values of immovable properties were finalized for around 42 cities and a notification was set to be issued on October 11 (Friday). However, the number of cities has now been increased to over 50, hence the notification was delayed. The Law and Justice Division is currently vetting the notifications and once the process is finalized, FBR will issue the notifications. It is pertinent to mention here that the Federal Tax Ombudsman (FTO) had given a deadline of October 11, 2024, to FBR for revision of the values of immovable properties across the country.  The FBR will increase property valuation rates to bring them closer to market values. The FBR did not raise property valuation rates last year. FBR had previously adjusted property valuations four times, in 2018, 2019, 2021, and 2022.