Islamabad: The officials concerned revealed that the Federal Board of Revenue (FBR) was working on raising the valuation rates of immovable properties for inclusion in Budget 2020-21.
Previously, the taxation agency had issued valuation tables of immovable properties in 21 major cities. They added that the FBR valuation rates notified were still considerably lower than the actual market value. For this reason, FBR intends to raise the rates to take these closer to the market value.
Currently, FBR is reviewing the existing valuation tables as part of the ongoing budget exercise. Sources revealed that for this purpose, the chairman of the committee for updating the FBR valuation tables of immovable properties was conducting meetings with the stakeholders. These included Association of Builders & Developers of Pakistan (ABAD).
The sources have revealed that the budget exercise for FBR’s revaluation of tables of immovable properties was at its peak on field formation levels.