Islamabad: The Federal Board of Revenue (FBR) is poised to issue new property valuation rates this week, with adjustments expected to reflect up to 75% of current market values. This update will affect properties across more than 50 cities in Pakistan, marking a significant increase from initial plans which covered 42 cities.

According to Zameen.Com, the updated valuation rates were finalized after several delays, with an announcement now scheduled for Friday. This adjustment is part of a broader directive from the Federal Tax Ombudsman (FTO), which required the FBR to align property valuations with actual market values by mid-October. The revision process included a comprehensive vetting by the Law and Justice Division.

The anticipated updates are seen as a crucial step for the real estate sector, as it aligns tax liabilities more closely with true property values. This is particularly notable as the FBR did not adjust property values last year, despite historical adjustments made in previous years. Property owners and investors are advised to monitor these changes closely, as they will significantly influence future taxation and investment decisions within the national real estate market.