The Federal Board of Revenue (FBR) has decided to issue new property valuation tables in 54 major cities, raising official property rates from 75 percent to 90 percent of the market value.
According to the 24NewsHD TV channel, the revaluation of property prices in various cities, including Karachi, Lahore, Islamabad, and Peshawar, has been completed, and the new rates will soon be released.
Sources said after the Ministry of Law and Justice's approval, an official notification will be issued.
The sources said the primary aim of these new rates is to increase tax collection on properties while ensuring that the real estate and construction sectors are not discouraged.
Furthermore, the sources said there is a proposal to increase taxes on those involved in the purchase and sale of property files.
During the process of determining new rates, consultations were held with real estate associations, builders, and developers.
Reporter: Waqas Azeem