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FBR Extends Deadline For Revised Property Valuation Rates

FBR Extends Deadline For Revised Property Valuation Rates

Islamabad: The Federal Board of Revenue (FBR) on Wednesday further extended the deadline for implementation of the Revised Rates For Properties Valuation in 40 major cities of the country. The revised rates which showed an increase in property evaluation up to 700 percent were kept at abeyance till January 15 by the federal revenue body in the wake of a general public outcry and involvement of the Senate Standing Committee on Finance and Revenue. The new rates to be determined after consultation with all stakeholders were to be effective from January 16, 2022. But since the Finance Minister remained busy getting the mini-budget approved could not have a meeting with FBR to finalize the proceedings in this regard. The FBR was expecting a meeting with the minister on January 18 but due to his poor health condition, the minister did not perform any official duties on Tuesday so the regulators had to issue another notification to extend the deadline and keep the new evaluation at abeyance till January 31, 2022.

Earlier on December 1, 2021, the FBR had Raised Property Valuation Rates in 40 major cities by up to 700 percent. The FBR notification resulted in huge protests from the stakeholders and the real estate representatives refused to accept it altogether. The Senate Standing Committee on Finance and Revenue forced the FBR authorities to reconsider the rates.

The Federal Revenue Body after this hue and cry made another decision to put at abeyance the revised rates till January 16, as the chief commissioners were instructed to form Valuation Review Committees and revise the valuation rate in consultation with all the stakeholders. The office memorandum issued by the FBR said, “It has decided to review and revisit the notified valuation tables wherever overvaluation or undervaluation is pointed out by the stakeholder including real estate agents and town developers, all chief commissioners Inland Revenue shall constitute valuation review committees (VRCs), and notify them by December 10, 2021.” It further added, “Any stakeholder having any reservations about valuations may lodge a representation before VRC by December 15, 2021,” the spokesman of FBR said, “Chief Commissioners will undertake a meaningful consultative process with the stakeholders and engage SBP’s approved valuers for determination of values, which could be either more or less than the lately notified valuations.” Now the FBR has completed the revised evaluation rates recommended by the respective chief commissioners and the same will stand effective on February 1, 2022.

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