FBR increases property valuations in 56 cities

Business Oct, 30 2024
FBR increases property valuations in 56 cities
  • 341
  • 0

The Federal Board of Revenue (FBR) has raised property valuation rates for immovable properties in 56 cities.

According to details, the FBR jacked up the property valuation rates by 75% of the actual market rates starting November 1, 2024.

This decision aims to enhance revenue collection and reduce the undervaluation of properties. The updated rates reflect the FBR’s commitment to align the property values with their real market worth, expanding the number of cities affected from 42 to 56, in line with World Bank stipulations.

The new valuation rates, include separate categories for commercial, industrial, and residential properties.

The detailed notification of these revised rates is expected to be made public soon, following the approval from the FBR chairman.

The changes will potentially raise property values by up to 75% in some cases, as part of a broader effort to realign with current market conditions and boost fiscal revenues.

Earlier, the Federal Board of Revenue (FBR) notified a 4 per cent increase in sales tax on tractors.

According to the notification issued by the FBR, the sales tax on locally manufactured tractors has been raised from 10% to 14%, and the same increase applies to imported tractors.

The Federal Board of Revenue (FBR) officials stated that certain sales tax exemptions for tractors have been reduced. While the sales tax has been adjusted from 18pc to 14pc, the FBR officials clarified that this increase would not make tractors more expensive.

They further mentioned that this reduction in tax rate would simplify the sales tax refund process.

 

 

NC Desk
NC Desk https://www.dailynationalcourier.com/author/nc-desk
Daily National Courier is a leading morning English newspaper of twelve pages covering all international and national political developments on 24/7 basis.

NC Big Stories

'Pakistan Armed Forces giving befitting response to India’s shameful attack'

3 PAKISTANIS MARTYRED, 12 INJURED: ISPR MUZAFFARABAD: Inter-Services Public Relations (ISPR) Director General Lt Gen Ahmed Sharif Chaudhry today said three Pakistanis were martyred and 12 were injured in “cowardly” missile strikes by Indi...

Wahaj Ali, Ahmed Jehanzeb & 'Kabli Pulao' Shine at 23rd LUX Style Awards

Karachi, (May 5) The 23rd LUX Style Awards celebrated Pakistan’s top talent across fashion, film, music, and television. Ahmed Jehanzeb’s Tera Mera Hai Pyar emerged as the most streamed song and earned him Singer of the Year, while Wahaj...

UAE to work closely with Pakistan for maintaining regional peace

ISLAMABAD: Ambassador of UAE Hamad Obaid Ibrahim Salem Al-Zaabi, called on the Prime Minister Muhammad Shehbaz Sharif at the Prime Minister House yesterday. During the meeting, the Prime Minister conveyed his warm wishes to His Highness Sheikh Moham...

Army top brass warns of ‘sure, decisive’ response, if India attempts to impose war

RAWALPINDI: The army’s top brass yesterday warned India of a “sure and decisive” response should it attempt to impose war, as relations deteriorated between Islamabad and New Delhi amid rising tensions after last week’s attack...

More like this
Related

ADB projects Pakistan's GDP growth at 2.5%, inflation at 6%

ISLAMABAD: The Asian Development Bank (ADB) has projected Pakistan's GDP growth to remain steady at 2.5% in the fiscal year 2025 (FY2025), with a slight increase to 3% in FY2026. The growth is supported by the implementation of a reform program that...

Pakistan, Turkiye sign joint bidding agreement for offshore oil exploration

ISLAMABAD: In a significant step towards enhancing bilateral cooperation in the oil and gas sector, Pakistan and Turkiye have signed a joint bidding agreement to jointly participate in an offshore bid round in Pakistan. The agreement was signed on th...

Alvarez & Marsal delegation calls on FinMin Aurangzeb

ISLAMABAD: In a significant move towards enhancing Pakistan's economic future, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, hosted a high-level delegation from global professional services firm Alvarez & Marsal at the Fin...

Rupee falls further against USD

KARACHI: The Pakistani rupee experienced a slight depreciation of 0.06% against the US dollar in the inter-bank market on Tuesday, closing at 280.73, down by Re0.16 from the previous session's closing of 280.57. Internationally, the US dollar struggl...
Need Help? Chat with us