FBR Raises Property Valuation to Enhance Tax Collection

The Federal Board of Revenue (FBR) has recently announced a significant change in the valuation of immovable properties in major cities across the country. The FBR has decided to raise the valuation of properties from 75% to 90% of the market rate. This adjustment is a part of the ongoing tax reforms initiated by the FBR to enhance tax collection efficiency.

During a session with the Senate Standing Committee on Finance, the FBR disclosed its plan to implement the revised property valuation system starting July of this year. This move aims to ensure that property taxes are calculated more accurately based on the current market values of properties.

With the increase in property valuation, taxpayers in major cities can expect a rise in their property tax liabilities. The adjustment to 90% of the market rate will likely result in higher tax payments for property owners. It is essential for taxpayers to be aware of these changes and prepare for the potential increase in their tax obligations.

The decision by the FBR to raise property valuation for tax purposes reflects the government's commitment to improving tax compliance and revenue generation. By aligning property valuations more closely with market rates, the FBR aims to create a fairer and more transparent tax system. Taxpayers are advised to stay informed about these developments and ensure compliance with the revised property valuation guidelines.