Islamabad (HRNW) The Federal Board of Revenue (FBR) on Tuesday has held in abeyance the recently notified valuation rules to allow registration of the in-process transactions till January 16, 2022.
The FBR has taken notice of a number of complaints received from all over the country from various stakeholders including about extraordinary rise in property rates resulting from the recently notified property valuation.
It has issued detailed instructions on Tuesday through an Office Memorandum (OM) on the procedure to be adopted to review the anomalies in the property rates and rationalize the same.
Accordingly, the FBR has decided to review and revisit the notified valuation tables wherever overvaluation or undervaluation is pointed out by a stakeholder.
On December 1, the FBR revised upwards the property valuations for the purpose of taxation in 40 major cities of the country to bring them on a par with market rates. The rates were revised in order to charge actual income tax on property transactions.
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