ISLAMABAD: The Federal Board of Revenue (FBR) has increased the valuation rates of immovable properties by 25 to 110 per cent.
As per details, the hike in valuation rates has also jacked up the transfer fee. This step has
been taken to collect more taxes from the properties including commercial, residential, apartments and flats.
The board has also expanded capital value tax from 20Tax to 40 cities. These cities include Abbottabad, Attock, Bahawalpur, Bhawalnagar, Chakwal, Dera Ismail Khan, DG Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Hyderabad, Islamabad, Jhang, Jheleum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbella, Mandi Bhauddin, Manshera, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur and Toba Tek Singh.
Meanwhile, people linked to construction business have raised concerns over the increase in valuation rates, lamenting it that this will affect the property sector.