ISLAMABAD; After protest of the business community, the Federal Board of Revenue (FBR) on Monday reversed its decision of upward revision of evaluation table to determine rate for taxation on property sale and purchase. In its official announcement, FBR said the recently notified property valuation by FBR was finalized with due diligence and through a consultative process by the Field Formations. This upward revision of property across the country was aimed at bringing the property value closer to the market price, in line with the global best practices. This rigorous exercise has been reasonably good. However, FBR has received a number of complaints from different quarters wherein property valuation has been reported to be beyond the market price.
Taking cognizance of this issue and address the genuine grievances, FBR has decided to engage top property valuation experts of the State Bank of Pakistan who will hold meaningful consultations with the key stakeholders including real estate agents and town developers. This consultative process will review such cases individually and thereby make necessary recommendations to remove distortions if any and bring property value near market price.