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FBR holds off new property valuation till Jan 16

The FBR has taken notice of a number of complaints

SAMAA | - Posted: Dec 8, 2021 | Last Updated: 1 month ago
Posted: Dec 8, 2021 | Last Updated: 1 month ago

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.

“Although, the notified valuations have been arrived at by FBR field formations through a rigorous consultative process and wherefore have largely been well-received, yet the possibility of error cannot be ruled out, and the same cannot be taken as carved in stone,” the FBR said.

The FBR has instructed valuation review committees (VRCs) to decide upon the representations by January 10, 2022, and forward the same to FBR for notification.

 “All recommendations by the VRCs on revaluations will be re-notified on January 15, 2022, which will come into force on January 16,” the FBR added.

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