For the current fiscal year, the Federal Board of Revenue (FBR) has announced a significant increase in the values of immovable properties in more than 20 cities.
Property values have increased by an average of 10% to 30% thanks to the tax watchdog. Rural areas have also been incorporated into the FBR in order to bring them into compliance with the property rates authorized by the relevant District Collectorates’ (DCS) property valuation.
The most recent SRO released in this regard by FBR reads,
There have been significant increases in property values in the following cities: Sheikhupura, Faisalabad, Bahawalnagar, Chakwal, Gujranwala, Hafizabad, Haripur, Jhelum, Bahawalpur, Khushab, Lasbella, Gwadar, Lodhran, Mandi Bahauddin, Multan, Rahim Yar Khan, Sargodha, Toba Tek Singh, Jhang.
The FBR’s action is in accordance with the terms of the $400 million World Bank loan titled “Pakistan Raises Revenue.” However, the board has made it clear that the updated property valuations remain below the going fair market value.
FBR had previously decreased the values of immovable properties in 40 cities in March, bringing the outrageous market values set in December last year down.