FBR Decides to Issue New Property Rates

The Federal Board of Revenue (FBR) has decided to issue new property rates.

According to sources, property rates of 54 cities will be released instead of 42 across the country. FBR rates are likely to be released in the next few days. The process of evaluating properties in different country cities has been completed. The new valuation of the property will be closer to the market rates.

According to the sources, the FBR rate will be reduced in Balochistan. New property rates will be released in all major cities, including Karachi, Lahore, Islamabad, and Peshawar.

New property valuation tables may be released this week after approval from the Law Ministry. This initiative aims to increase tax collections on properties.

Sources further say that the real estate and construction sectors will not be discouraged. There is a proposal to increase the tax on sellers and buyers of property files.

Real estate associations, builders, and developers were consulted in determining the new property rates. Bhakkar, Charsadda, Chiniot, Khanewal, Khushab, Mianwali, Sabi, and Swabi are included in the property valuation..