FBR all set to hike property valuation rates

ISLAMABAD: The Federal Board of Revenue (FBR) is all set to increase the property valuation rates by up to 15 per cent as a part of a condition set by the World Bank following the loan received by Pakistan.

The condition by World Bank known as the ‘Pakistan Raises Revenues (PRR) and RISE-II programme,’ is worth $400 million.

According to media reports, the FBR will also expand the number of cities from 42 to 51 in this exercise, adding nine more cities and towns in the valuation tables list.

“The increase in rates will take effect from August 1 in consultation with the provincial authorities,” the reports said.