Lahore: According to news released on Thursday, the Federal Board of Revenue (FBR) will unveil the updated assessment of immovable property next month.

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According to the data, the FBR has extended the deadline for field formations to submit revised assessments of immovable property until October 13 after errors were discovered in previously submitted valuations.

One of the significant disparities discovered, according to insiders, was the gap between the updated valuation and the prices of immovable assets on the ground. It was reported that since the incumbent government announced an amnesty policy, the prices of immovable properties have skyrocketed.

The board requested that the field formations amend the valuation because this rise had not been factored into the rates. The board will take another week to finalise the prices, with the formal notification expected to be released by November 1.

Read More: FBR prepares for upward revision in valuation of immovable properties

The International Monetary Fund (IMF) requested that FBR do a new valuation because the board had been utilising the old estimate since 2015-16. The approach omitted corporate tax offices (CTOs) and large taxpayer offices (LTOs), focusing instead on regional tax offices (RTOs). RTOs in 18 cities were also requested to submit an updated immovable property valuation.

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