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Islamabad, Pakistan – The Federal Board of Revenue (FBR) is set to increase property values by 20-100% in 42 major cities across the country. The move, aimed at boosting tax revenue, is expected to be notified this month.
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According to sources, the FBR has finalized its revised list of property values for the 42 cities, taking into account factors such as location and market trends. The revised values will be used to determine taxes on properties, including capital gains tax and withholding tax.
The FBR has been reviewing property values in major cities to ensure that they are in line with market rates. The last revision was made in September 2022. The current revision is expected to result in a significant increase in property values, ranging from 20% to 100% in some cases.
The 42 cities affected by the revision include major urban centers such as Karachi, Lahore, Islamabad, and Peshawar, as well as smaller cities like Abbottabad, Gwadar, and Sukkur.
The move is expected to generate additional revenue for the government, which has been struggling to meet its tax collection targets. However, it may also lead to increased costs for property owners and buyers.
The FBR is also considering adding 14 more cities to the list, which would bring the total number of cities to 56. The revised property values are expected to be notified soon, after which they will be applicable for tax purposes.