ISLAMABAD – The Federal Board of Revenue (FBR) has decided to increase the valuation of immovable property by up to 75 percent in 42 major cities, a move that will boost revenue collection.
Reports said new property prices across the country have been determined, and a notification for the new valuation is expected to be issued today, Friday.
Reports added that the property prices for 42 major cities have been finalized. The property prices have been determined based on fair market value and location, and in the next phase, new property prices for an additional 15 cities will also announced.
Officials said the Federal Tax Ombudsman had also directed the FBR to determine the new property prices by October 10.
It is recalled that the FBR previously released a list of new property prices on September 13, 2022.
Meanwhile, FBR chairman has said that action will be taken against those who do not submit tax returns by October 14.
