In accordance with Statutory Regulatory Orders (SRO) Nos. 1534(1)/2021 and 1572(1)/2021, a special government order — or memorandum — had already been issued by the tax apparatus on the revision of the property valuation.
The FBR previously announced that the new real estate valuation tables would be notified again on March 1, 2022.
Previously, the FBR suspended new property valuation rates until February 1, 2022.
The FBR had significantly revised up the values of residential and commercial buildings located in 40 major cities across the country.
The FBR is empowered to determine the fair market value of immovable property under section 68(4) of the Income Tax Order 2001.
Therefore, the Void FBR SRO No 1534-1572(I)/2021, dated December 1, 2021, released new property valuation tables in 40 major cities to bring them closer to actual market prices.
It should be noted that under Section 68(4) of the Income Tax Ordinance 2001, the FBR has the power to notify/review the impartial market value of immovable property. In this context, the tax regulator initially provisioned the new valuation parameters on December 1, 2021.