Government to Increase Property Valuation Rates Across Pakistan
In a move to bring property valuation rates closer to market values, the Federal Board of Revenue (FBR) has directed its field formations to increase rates in over 50 cities starting next month. The new rates are expected to raise property values from 75% to 90% of estimated market rates.
FBR Chairman Amjed Zubair Tiwana stated that the revision had been delayed due to tax officials’ focus on finalizing tax rates for retailers under the Tajir Dost Scheme. This scheme introduces fixed monthly tax payments for small shopkeepers and retailers in various cities across Pakistan.
The FBR has previously adjusted property valuations in major urban centers four times since 2018. The revised rates will be used to calculate federal taxes, including capital gains tax and withholding tax. The FBR aims to implement these changes by September 1.
Efforts to integrate the retail and wholesale sectors into the tax net continue, with the Tajir Dost Scheme offering simplified registration processes for small traders.
Source: Dawn (July 24th, 2024)
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