Tuesday Dec 07, 2021
ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday decided to suspend the decision to implement new property rates until January 16.
According to a notification issued by the revenue board, a revised valuation of the property will be announced on January 15.
Furthermore, it has directed chief commissioners to set up valuation review committees by December 10.
It is pertinent to mention here that the FBR had jacked up the valuation rates of immovable properties for 40 major cities depending upon location and commercial areas within the cities.
However, on Sunday, citing an official, The News had reported that FBR would review instances of valuation of immovable property exceeding the market rates in consultation with the stakeholders.
“The recently notified property valuation by the FBR was finalised through a consultative process by the field formations [officials],” FBR spokesperson Asad Tahir Jappa had said.
“However, if there are some instances of [property] valuation beyond the market price, the same will be reviewed in consultation with the stakeholders,” he had added.
Jappa had said there were some stakeholders who had informed FBR that the new valuation of property, in some cases, had surpassed the existing market price.
“Our field formations will sit with the stakeholders and in genuine cases, the Federal Board of Revenue will review the valuation,” said the FBR official adding, “But it will be on a case-to-case basis”.