The Federal Board of Revenue (FBR) agreed on Tuesday to adjust the rates for valuing immovable property in major urban centers and nearby areas to bring them in line with market prices.
According to a report by The News, “In an official communication to Chief Commissioners Regional Taxpayers Offices (RTOs) across the country, the officers have been directed for valuation tables of immovable property under sub-section (4) of section 68 of the Income Tax Ordinance 2001. The FBR’s existing valuation table is close to 60 to 70% of market rates so upward revision will help the FBR to bring it in line with the prevailing market rates.”
