The Federal Board of Revenue has reached agreements with all provinces on the valuation of immovable properties. Revised valuation tables will be implemented starting the fiscal year 2024-25 to enhance revenue collection.
Immovable property valuations were last completed in March 2022. In the two years since the FBR promised to include new housing societies in the tax system, the new rates on immovable properties across the nation have not increased.
A projected rise in the valuation of immovable assets has been temporarily halted by the FBR until September 2023.
The FBR and the real estate industry agreed wherein the FBR would not, at least not until August 2023, provide improved values for immovable properties.
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Committees were established in every city to devise the new principles, consulting with corresponding real estate associations. Subsequently, builders and developers worked with local tax officials to confirm their values. The FBR was informed of the agreed rates. On this account, though, there has been no additional development.
It is anticipated that notice of the revised rates for immovable properties will be given in June 2024, with effect from July 1st, 2024.
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