Tax raise on property, recommendations sought until June 30

Islamabad: For the purpose of tax collection, The Federal Board of Revenue (FBR) has increased property valuations by 20 to 100 percent on commercial and residential properties in major cities. These include Islamabad, Lahore, Faisalabad, Mardan, Multan, Peshawar, Jhang, Sukkur, Faisalabad, Gujrat, Hyderabad, Sialkot, Sargodha, Sahiwal, Jhelum and more.

Concerned stakeholders have been asked for recommendations from until June 30, 2019 so as to bring the new rates into effect by July 1.

According to the notification, Rs1500 as per square foot has been fixed for constructions under five years and Rs1000 for those over five years. However each sector has its own valuations set, most of which are 20 to 100 percent higher than the last valuation.

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