*ISLAMABAD: **Valuation Rates of properties across major cities of Pakistanbeing revised.*
*The Federal Board of Revenue (FBR) has decided to revise the valuationrates of immovable property in 22 major cities of the country and the newrates would be applicable from July 1.*
According to the details, FBR proposed to enhance valuation rates ofcommercial plots by 67 percent and residential properties by 54 per cent inKarachi while 11 area-wise categories would be retained.
Under the A-1 category, FBR proposed to increase the value of residentialproperties by Rs 57,000 per square yard and commercial plots by Rs 139,000per square yard.
In this category, an increase of Rs 38,000 per square yard has beenproposed for open residential plots and Rs 80,000 for the commercialproperties. FBR suggested to increase valuation rates of build upresidential property by Rs 57,000 per square yard and Rs 139,000 for thecommercial property.
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Sources said that FBR suggested to increase valuation rates of propertiesin Islamabad, Rawalpindi, Lahore, Peshawar, Karachi and other major cities.
Earlier on April 25, Minister of State for Revenue Hammad Azhar had saidthat the government would revise property valuation rates from July 1.
Responding to a calling attention notice in the Senate, Hammad Azhar hadsaid the government was taking steps to broaden the tax net and added thatthe next year would be focused on fiscal consolidation and stabilization.
