The Federal Board of Revenue (FBR) has announced a new notification regarding official property rates in 56 cities across Pakistan, fulfilling another commitment made to the International Monetary Fund (IMF).
Effective November 1, the property rates in forty-five of these cities will increase by up to five percent, aligning them to approximately eighty percent of the current market rates.
However, the old property rates will remain unchanged in eleven major cities, including Karachi, Lahore, Rawalpindi, Islamabad, and Multan. Notable cities such as Quetta, Gwadar, Bahawalpur, Lasbela, Rahim Yar Khan, and Sargodha will also maintain their existing rates.
The new rates will apply to other cities, including Peshawar, Abbottabad, Faisalabad, and Gujarat. Additionally, revised rates have been issued for Attock, Haripur, Hyderabad, Wazirabad, Sahiwal, and Gujranwala. Changes have also been made in Bahawalnagar, Bannu, Bhakkar, Chakwal, Chiniot, Dera Ismail Khan, and Dera Ghazi Khan.
Further notifications have been released for property rates in Murree, Ghoda Gali, Jhang, Ghotki, Jhelum, Kasur, Kohat, Khushab, Hafizabad, Kotli Sattian, Larkana, and Lodhran. Rates have also changed in Wazirabad, Sheikhupura, Sialkot, Sukkur, Talagang, and Toba Tek Singh. New notifications have been issued for Whari, Mandi Bahauddin, Mansehra, Mardan, Mianwali, and Mirpur Khas, as well as for Nankana Sahib, Narwal, and Nowshera.
The FBR's revision of property rates is expected to bolster tax revenue while complying with international financial obligations.
