The Federal Board of Revenue (FBR) has increased the valuation rates of immovable properties by 25 to 110 percent.
Hike in valuation rates has also jacked up the transfer fee. This step has been taken to collect more taxes from the properties including commercial, residential, apartments and flats.
The board has also expanded capital value tax to 40 cities from 20 cities. These cities included Abbottabad, Attock, Bahawalpur, Bhawalnagar, Chakwal, Dera Ismail Khan, DG Khan, Faisalabad, Ghotki, Gujranwala, Gujrat, Gwadar, Hafizabad, Hyderabad, Islamabad, Jhang, Jheleum, Karachi, Kasur, Khushab, Lahore, Larkana, Lasbela, Mandi Bhauddin, Mansehra, Mardan, Mirpurkhas, Multan, Nankana, Narowal, Peshawar, Quetta, Rahim Yar Khan, Rawalpindi, Sahiwal, Sargodha, Sheikhupura, Sialkot, Sukkur and Toba Tek Singh.
Meanwhile, people linked to construction business have raised concerns over increase in valuation rates and said that this will affect the property sector.
