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FBR to Implement Higher Property Rates in July 2024

FBR to Implement Higher Property Rates in July 2024

The Federal Board of Revenue (FBR) is set to increase the values of immovable properties across Pakistan starting from July 1, 2024. This move comes after a two-year period without any adjustments to property valuations.

The process of updating valuation tables for properties has already commenced, with the FBR collaborating with provincial authorities to ensure accuracy and fairness in the new valuations. The last valuation of immovable properties took place in March 2022. Since then, there have been no revisions, as the FBR prioritized bringing new housing societies into the tax net.

Previously, the FBR had temporarily suspended proposed increases in property valuations until September 2023. This decision was made in consultation with the real estate sector to facilitate discussions and coordination on the matter.

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Local committees were formed in each city to determine new property values in collaboration with real estate associations. Developers and builders then worked with regional tax offices to finalize these values, which were subsequently communicated to the FBR.

While there have been no significant developments since then, it is anticipated that the new property rates will be officially notified in June 2024. These updated values will come into effect from July 1, 2024, impacting property transactions and tax calculations nationwide.