FBR raises immovable property valuation rates in major cities

Islamabad: The Federal Board of Revenue (FBR) has increased the valuation rates of immovable properties in major cities including Lahore, Karachi, and Islamabad.

According to details, FBR has issued a notification regarding the property prices for major cities of the country. FBR has increased the valuation rates by 25 to 110 percent. Hike in valuation rates has also increased the transfer fee. 

This step has been taken to collect more taxes from the properties including commercial, residential, apartments and flats.

THe notification further stated that The FBR has increased the valuation rates of selected 40 cities manifold. These cities included Abbottabad, Attock, Bahawalpur, Bhawalnagar, Chakwal, Dera Ismail Khan, DG Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Hyderabad, Islamabad, Jhang, Jheleum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbella, Mandi Bhauddin, Manshera, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur and Toba Tek Singh.

Meanwhile, people linked to construction business have raised concerns over increase in valuation rates and said that this will affect the property sector.