Islamabad: The latest news reports state that after consulting with stakeholders, including the Federation of Realtors Pakistan (FRP), the Federal Board of Revenue (FBR) has reduced the fair market value of immovable properties in Islamabad.
According to the details, the value of residential and commercial superstructures in the federal capital that are less than five years old will be Rs2,000 per square foot, and superstructures that are more than five years old would be Rs1,000 per square foot.
Read more: National Sales Tax Return to launch by FBR
On December 15, 2021, the FBR determined a value of Rs1,50,000 per square yard in sector E7, but the tax department had notified a value of Rs250,000 per square yard of any size in E7. Meanwhile, the value of an immovable property assessed by FBR in B17 Islamabad, with or without possession of a plot, would be Rs20,000 and Rs12,000, respectively, but FBR had set the value of land in this community at Rs55,000.
Similarly, the pricing of immovable property per square yard in Bani Gala will be Rs28,000, when the FBR had previously announced a value of Rs36,363 per square yard. According to documents, the value of immovable properties such as flats and apartments in F-8 will be Rs25,000 per square foot, however, the FBR had announced a value of Rs260,000 per square foot.
Furthermore, the FBR has set the commercial immovable property cost in Blue Area at Rs6,80,420 per square foot, while the new value rates for commercial property, including stores, would be Rs48,611 per square foot.
For more updates, stay tuned to Sky Marketing.