ISLAMABAD: The Federal Board of Revenue (FBR) has extended the increase in valuation rates for immovable property in 40 major cities until January 16, 2022.
This extension came after the board announced a case-to-case basis review of the valuation table by consulting valuation experts of the State Bank of Pakistan (SBP) and various realty stakeholders. Until then, the new rates have been suspended till mid-January 2022.
In this regard, all Chief Commissioners Inland Revenue (CCIRs) have been notified to constitute valuation review committees (VRCs) by December 10. In an official announcement released, all those having any reservations over the valuations have been advised to lodge a representation before the VRC by Dec 15.
Meanwhile, SRO1534-1572(I)/2021 is held in abeyance.
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