Islamabad: Following the unrest in the real estate market, the Federal Board of Revenue has announced a temporary suspension of the current system by initiating a review of the property valuation table.
According to FBR officials, the new valuation had made the tax levied on property higher than the actual market value, which was causing difficulties for common citizens as well as real estate dealers.
On the direct instructions of the Prime Minister, the FBR heard the objections of stakeholders and decided that the old valuation table would not be applicable until the revised SRO is issued.
Economic experts say that unrealistic valuation not only stagnates the property market but also promotes the undocumented economy. According to them, realistic rates will increase transparency and improve investment.
