Latest Property Tax News Updates FBR reduces valuations of immovable properties in six major cities
FBR reduces valuations of immovable properties in six major cities
January 13, 2018 Inland Revenue
ISLAMABAD: Federal Board of Revenue (FBR) has announced massive reduction in values of immovable properties located in six major cities of the country for determination of withholding tax and capital gain tax.
In six different SROs issued on Thursday, the FBR notified reduced valuations of immovable properties in Peshawar, Faisalabad, Lahore, Karachi, Rawalpindi and Islamabad.
The valuations have been reduced for both residential and industrial open and constructed plots located in these cities.
The FBR issued amended rates through notifications included: SRO 15(I)/2018 – Peshawar; SRO 16(I)/2018 – Faisalabad; SRO 17(I)/2018 – Lahore; SRO 18(I)/2018 – Karachi; SRO 19(I)/2018 – Rawalpindi; and SRO 20(I)/2018 – Islamabad.
This will reduce transfer and transection costs dramatically and will energise properties markets in all these cities
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