PESHAWAR: The Federal Board of Revenue (FBR) has postponed the imposition of new property valuation rates till January 16.
According to the FBR, the decision has been because of the complaints from stakeholders across the country, including real estate agents and town developers. The FBR said that all the Chief Commissioners will form committees to review the Land Revenue Valuation and will notify them by December 10, 2021. “If any stakeholder has any concerns about valuation, they can submit it by December 15, 2021,” said the notification issued by FBR.
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According to the statement, the FBR has the power to determine the fair market value of immovable property. Therefore, on December 1, 2021, new valuation tables were issued in 40 major cities to bring properties closer to the original market value. However, some objections have been received from various stakeholders including real estate agents and housing societies. “The possibility of error cannot be ruled out or therefore, the FBR will review the who process in consultation with stakeholders and district administration,” the FBR said.
To rectify the deficiencies, all the recommendations will be re-notified on 15th January, 2022 and will come into effect on 16th January, 2022. Until then, the SRO issued on 1st December has been put on hold so that
Yesterday, The Khyber Pakhtunkhwa property dealers Association announced province-wide strike on 10 December, Friday, against the 350% to 700% increase in property taxes by the Federal Board of Revenue. Addressing a news conference at Peshawar Press Club, the DHA property dealers association President Abid Ali said that the “oppressive” property tax will render thousands of people unemployed.
He further said that the valuation of property in major city of the province is “out of context” and not based on actual estimates. The association also staged a rally from Peshawar press club and chanted slogans against the FBR, asking for the withdrawal of the notification.