The FBR has decided to review the valuation rates of property for the imposition of Taxes on the sale and purchase of property in the real estate sector across the country.
The FBR has sent a letter to all the Chief Commissioners Regional Tax Offices suggesting them to prepare tables based on the revised valuation rates of the property and send them to the FBR so that any discrepancies found in the valuation can be removed.
Revised valuation rates of the property should be issued and if there is any ambiguity in the existing valuations, they should be pointed out.
FBR has asked Field Formations to not submit revised valuation rates to the FBR and do not point out any ambiguities will If any ambiguity is found, the relevant RTOs will be held responsible.
The revised valuations of Real Estate is expected to be implemented in the current fiscal year FY2022.