FBR property tax revenue grows by 58 Percent

Federal Board of Revenue's (FBR) property tax revenue has expanded by 58% amid the initial nine months of the current monetary year, a news source announced. The development has been credited fundamentally to the expansion in property valuations.

The property tax charge accumulation between July 2018 and March 2019 remained at PKR 7.6 billion, while the gathering for same period the earlier year was PKR 4.61 billion.

FBR valuations had been brought up in February 2019 to raise the collected amount of withholding tax. FBR had likewise expanded the checking of property tax collection by the provinces.

As indicated by specialists, the development of Directorate of Immovable Property additionally added to the higher tax bracket. The dread that FBR might be pay off their properties constrained individuals to pronounce the estimation of their property close to its actual value.

Another possible factor for the growth is the increase in property transactions since last year.

For more updates on property taxation, values and FBR activities w.r.t real estate stay connected to Apex Group.