FBR to Raise Property Rates Aiming Higher Taxes From July 2024

In a significant move aimed at enhancing revenue collection, the Federal Board of Revenue (FBR) has finalized agreements with all provinces as part of the “Pakistan Raises Revenues” initiative regarding the valuation of immovable properties. Under these agreements, revised valuation tables will be put into effect starting the fiscal year 2024-25.

One key aspect of the agreements is the consensus reached between the FBR and the tax machinery of provinces regarding the determination of rates for immovable properties. It has been mutually decided that approximately 85 percent of these rates will be determined by the FBR itself. This coordinated approach ensures consistency and coherence in property valuation across the country.

The implementation of the revised valuation tables is scheduled to commence from July 1, 2024, indicating a proactive step towards streamlining the taxation system and bolstering revenue generation.