The Federal Board of Revenue (FBR) has delayed the issuance of notifications for the revised valuation of immovable properties across the country.

According to the FBR’s plan, the valuation of immovable properties in major urban areas was supposed to be increased from 75% to 90% of the market rate through a notification by July 2024. However, as of mid-August 2024, the FBR has not yet issued the revised notifications.

The Regional Tax Offices and stakeholders held meetings to finalize new rates of immovable properties in the field formations. In the meantime, the new FBR Chairman was appointed, who has been engaged in presentations.

It is expected that the values would be finally revised upward in next few weeks, sources told Raised by Numbers.

The FBR is planning to revise the valuation rates of properties upward. A Statutory Regulatory Order (SRO) will be issued, which will raise the FBR’s valuation rates from the existing 75 percent to at least 90 percent of the market rate, added the sources.