Islamabad: According to media sources, the Federal Board of Revenue (FBR) has agreed to modify the prices of immovable assets upward to bring them in line with market pricing. According to the specifics, field formations will carry out the revision assignment, which must be finished by the end of this month, as directed by the International Monetary Fund (IMF).
After examining the existing Statutory Regulatory Order, focus individuals were designated to update the values of immovable properties.
Furthermore, field formations will submit updated valuation data for an upward adjustment in the relevant SROs of different cities. The field office has also been asked by FBR to identify locations that are not covered by SROs. In addition, the board has urged the field formations to point up any inconsistencies in the value tables.
In addition, the rates for table valuation will be amended, and the relevant Regional Tax Office will inspect them for any anomalies that may have arisen throughout the process. The goal of this change of immovable property value tables is to increase revenue from sale/purchase transactions.