The Federal Revenue Office (FBR) decided to renotify new property valuation rates on March 1, 2022.
Pursuant to Statutory Regulatory Orders (SRO) Nos. 1534(1)/2021 and 1572(1)/2021, a special government order — or memorandum — has been issued by the tax apparatus on the revision of the real estate valuation.
The new valuation grids for real estate would be notified again on March 1, 2022.
In this regard, the RBF released the office’s memorandum here on Tuesday on real estate property valuation review.
Previously, the council suspended new property assessment 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.
So far, the FBR has not issued the new SROs applicable from January 16, 2022.
The FBR is empowered to determine the fair market value of immovable property in accordance with 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.
Source: company registrar