ISLAMABAD: The government has decided in principle to increase the property valuation rates for taxation to bring them closer to the market value from next month.

       The new valuation tables will come into effect from September for taxation purposes, a senior tax official told Dawn on Monday.

       The realty stakeholders have already objected to further increases in values. The task of determining a property’s fair market price is being carried out by the Federal Board of Revenue (FBR) since 2016.

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       In the provinces, the valuation table is normally notified by the collector of a district under Section 27-A of the Stamp Act 1899.

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       According to the official, the work on revising the valuation of properties in more than 50 cities will be completed in the current month. “We will try to implement it from Sept 1,” the official added.

       Meanwhile, FBR chairman Zubair Tiwana assured a delegation of the Federation of Realtors Pakistan that all possible facilitation. He, however, make it clear that under the Stand-by Arrangement with IMF, any new tax exemption, concession or preferential tax treatment may not be possible at this time.

       Published in Dawn, August 8th, 2023