ISLAMABAD: The Federal Board of Revenue (FBR) has suspended new property valuation till January 16, 2022, to review anomalies identified by key stakeholders.
The announcement was made by the country’s supreme tax collection body from its official Twitter handle.
Taking cognizance of a number of complaints received from various quarters,FBR has held in abeyance new property valuation till Jan 16, 2022.Instructions have been issued to CC-IRs on the mechanism to be adopted to review property valuation, in consultation with all stakeholders. pic.twitter.com/nHMJnBjtrD— FBR (@FBRSpokesperson) December 7, 2021
The FBR has taken notice of a number of complaints received from all over the country from various stakeholders including about the extraordinary rise in property rates resulting from the recently notified property valuation.
It has therefore issued detailed instructions on Tuesday through an Office Memorandum (OM) on the procedure to be adopted to review anomalies in the property rates and rationalize the same.
The FBR issued new valuation tables on December 1 of properties across 40 major cities with a view to bringing them closer to the actual market prices.