ISLAMABAD, Oct 24 (NNI): The Federal Board of Revenue (FBR) has decided to issue new property valuation tables in 54 major cities, raising official property rates from 75 percent to 90 percent of the market value.
The revaluation of property prices in various cities, including Karachi, Lahore, Islamabad, and Peshawar, has been completed, and the new rates will soon be released.
Sources said after the Ministry of Law and Justice’s approval, an official notification will be issued.
The sources said the primary aim of these new rates is to increase tax collection on properties while ensuring that the real estate and construction sectors are not discouraged.
Furthermore, the sources said there is a proposal to increase taxes on those involved in the purchase and sale of property files.
During the process of determining new rates, consultations were held with real estate associations, builders, and developers.
Meanwhile, according to a notification issued here, the FBR has increased 4 per cent increase in sales tax on tractors.
According to the notification issued by the FBR, the sales tax on locally manufactured tractors has been raised from 10% to 14%, and the same increase applies to imported tractors.
The Federal Board of Revenue (FBR) officials stated that certain sales tax exemptions for tractors have been reduced. While the sales tax has been adjusted from 18pc to 14pc, the FBR officials clarified that this increase would not make tractors more expensive.
They further mentioned that this reduction in tax rate will simplify the sales tax refund process.
However, the Sindh Chamber of Agriculture disagreed, warning that the 4 per cent sales tax hike will result in tractors becoming more expensive by around Rs80,000, adding more financial strain on farmers looking to purchase tractors.
Earlier, the Federal Board of Revenue (FBR) abolished the Customs Intelligence department due to poor performance and alleged involvement in smuggling.
As per details, the FBR restructured the Customs Intelligence and Investigation division, limiting its role to monitoring only. Additionally, the authority to stop or release consignments has been withdrawn from Customs Intelligence officers.
A notification was issued by the Federal Board of Revenue (FBR) chairman under the directives of the Prime Minister, outlining reforms and a new organizational structure.
Under this plan, Customs Intelligence will no longer have the power to conduct raids or sting operations. NNI
