The provincial government and the Federal Board of Revenue will likely join hands to decide on new real estate values for the fiscal year 2023-24. According to the details, it is announced that immovable property values will be revised upwards, and they will be applicable from July 2023 onwards. The revised rate will be implemented on the property value of major cities.
The Federal Board of Revenue issued notices to format the committee for the mission. The committees will complete their task by May 15, 2023, and rates will be implemented from the next fiscal year, i.e., July 1, 2023.
According to the proposal, the RTOs – Regional Tax offices will update the real estate values table under Section 68, – Sub-section (4) of the income tax ordinance, 2001.
The TORs of the joint committees will be responsible for various duties such as:
- Recommend rates of cities/areas where fair market value has yet to be applied/ determined earlier.
- Update the notified rates, which were determined by the FBR previously. Moreover, highlight the over and undervaluation of the property.
- The square yard will be considered a universal unit of measurement.
- Check with property associations of areas & property owners who have complained about issues in the selected area association.
- The committee will consider the Federal Tax Ombudsman’s recommendations on the property’s current values. For the latest Real Estate News and Blogs, visit Realtors blogs.