FBR increases the value of real estate in 56 cities.

As per the facts, from November 1, 2024, the FBR increased the property valuation rates by 75% of the real market rates.

Enhancing revenue collection and lowering property undervaluation are the goals of this decision. By increasing the number of cities impacted from 42 to 56, the revised rates demonstrate the FBR’s dedication to matching property valuations with their actual market value in accordance with World Bank requirements.

There are several categories for residential, commercial, and industrial properties in the new valuation rates.

After receiving approval from the FBR chairman, the public is anticipated to receive a comprehensive notification of these updated prices shortly.

In extreme circumstances, the adjustments could increase property values by as much as 75%. This is part of a larger initiative to improve fiscal revenues and realign with current market conditions.

The sales tax on tractors was previously raised by 4%, as announced by the Federal Board of Revenue (FBR).

According to the FBR’s notification, the sales tax on tractors made locally has increased from 10% to 14%, and import tractors are also subject to this rise.

According to representatives of the Federal Board of Revenue (FBR), some tractor sales tax exemptions have been lowered. The sales tax was raised from 18 percent to 14 percent, but FBR officials made it clear that this change would not raise the cost of tractors.

Additionally, they stated that the sales tax return procedure would be made simpler by this tax rate decrease.