FBR revises property valuation rates for 20 cities upward to 30 per cent

ISLAMABAD (92 News) - The Federal Board of Revenue (FBR) announced upward revision in the valuation rates of immovable properties for 20 cities on Wednesday. The bureau has enhanced rates from 20 to 30 percent for 20 cities including Karachi, Islamabad, Lahore, Peshawar, Quetta, Hyderabad and Gwadar. The valuation rates have been amplified for the purpose of federal tax collection on sale and purchase of commercial and residential property, which are applicable from today, July 24, 2019. The Capital Gains Tax (CGT) on residential and commercial properties has also been enhanced from 40 to 45 per cent. The FBR authorities also announced to abolish the restriction of purchase of property worth over Rs 5 million by non-filers of tax returns.