FBR to Adjust Property Valuation Rates from July 1

FBR to Adjust Property Valuation Rates from July 1

Islamabad: The Federal Board of Revenue (FBR) has recently carried out agreements with all provinces as part of the “Pakistan Raises Revenues”. This initiative will zoom in on the valuation of immovable properties. The revised property valuation rates will be implemented in the financial year 2024-25 for enhanced revenue collection efforts.
Read more: FBR meets PKR 5.12 trillion Income Tax despite Missing Target
According to the sources, the FBR has shown a strong commitment to work in collaboration with the provinces to bolster the increased tax collection. It is pertinent to mention that the FBR will determine the 85% valuation of the immovable properties starting from July 1, 2024.
Amendments have been made to the timing and Disbursement Linked indicators (DLI) for a $400 Million loan facilitated by the World Bank (WB) focusing on enhancing income generation for the country.
Some of the main adjustments include a rise in the tax-to-GDP ratio from 8.5% to 8.8% along with the incorporation of Digital Data Sharing projects all over the provinces.

Additionally, the FBR has been mandated to develop the Memorandums of Understanding (MoU) for automated Data Exchange with the provinces. This initiative will help in the development of a much-needed “Unified Taxpayer Database”. The deadline for the “Pakistan Raises Revenues” initiative of WB has also been extended to June 2025 for acquiring enhanced revenue/taxes.

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