FBR to Hike Immovable Property Valuations by 75% This Week
Get ready for a significant increase in property valuations! The Federal Board of Revenue (FBR) is set to raise the values of immovable properties by up to 75% of the existing market values, bringing them closer to reality. This change will impact property owners across Pakistan, affecting various aspects like taxes and investment decisions.
Key Points:
- FBR to issue notification regarding revised property valuations on Friday, October 25, 2024.
- The revised values will apply to over 50 cities across Pakistan.
- This increase aims to align property valuations with current market trends.
- The Federal Tax Ombudsman (FTO) had earlier set a deadline of October 11, 2024, for FBR to revise the valuations.
- This is the fifth time FBR has adjusted property valuations since 2018.
Impact on Property Owners:
- Higher property taxes: The increased valuations will lead to higher property taxes for owners.
- Increased capital gains tax: When selling a property, owners will have to pay higher capital gains tax based on the new valuations.
- Impact on investment decisions: Investors may need to reconsider their property investment strategies due to the revised valuations.
Stay Informed:
- Keep an eye out for the official notification from FBR on October 25th.
- Consult with a tax advisor to understand the specific impact of the revised valuations on your property.
Stay updated on further developments related to property valuations in Pakistan.
Ref: https://propakistani.pk/2024/10/23/fbr-set-to-significantly-increase-immovable-property-valuations-this-week/
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