The Federal Board of Revenue (FBR) has issued new official property tax rates, a notification of which has also been issued.
According to the notification, revised valuations of residential and commercial properties in the federal capital have been issued. According to the new rates, the rates of properties have been increased by 15 to 75 percent. The notification from the FBR states that the market value of immovable properties will be determined according to the new rate, capital gains tax and withholding tax will be collected according to the new rate.
According to the notification, the new rates for residential structures built up to 5 years old have been set at Rs 3,000 per square foot, while the rates for properties built more than 5 years old have been set at Rs 1,500 per square foot.
The FBR says that the old prices have been canceled after the issuance of the new SRO.
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