ISLAMABAD: The Federal Board of Revenue (FBR) has issued revised official valuation rates for properties and has also released a formal notification in this regard.
According to the notification, updated valuation rates for both residential and commercial properties in the federal capital have been notified. Under the new rates, property values have been increased by 15 to 75 percent.
The FBR stated that the market value of immovable properties will now be determined in accordance with the revised rates. Capital gains tax and withholding tax will also be charged based on these new valuations.
As per the notification, the new valuation rate for residential constructed properties up to five years old has been fixed at Rs 3,000 per square foot, while the rate for constructed properties older than five years has been set at Rs 1,500 per square foot.
The FBR further clarified that with the issuance of the new SRO, all previously notified property valuation rates have been withdrawn and are no longer applicable.
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