Islamabad: According to press reports, the Federal Board of Revenue (FBR) said on Saturday (December 4) that it would reassess its recent immovable property assessment rates after consulting with stakeholders and realtors. Consultations will be held to alter property rates in locations where valuation rates are higher than the market price.
FBR Spokesperson Tahr Jappa indicated that the most recent changes in immovable property assessment for the 40 cities were determined following a collaborative process conducted by FBR field formation officials. However, the FBR will investigate situations where the property’s worth exceeds current market prices after consulting with stakeholders.
The appraisals will be assessed on a case-by-case basis, according to the spokeswoman. On December 1, the FBR amended the valuation of immovable assets, increasing property prices by 100 percent to 600 percent over the previously anticipated 2019 values.
Realtors and stakeholders alerted the FBR that the adjustments were not based on real-time market data and that they needed to be examined. The FBR has raised prices in order to enhance the tax base associated with the real estate sector and construction industry, which is also a major worry on the agenda of the Financial Actions Task Force (FATF).