Banking Experts will no more assess the Property Value

According to the latest news, it has been decided, by PM’s revenue advisor Haroon Akhtar in a meeting with stake holders of property market that fair market rate of property would be fixed in all cities. Government representatives also agreed to abolish the property rate assessment rule in which valuation experts appointed by State Bank of Pakistan will evaluate market value of property for tax calculations. Previously, this mechanism presented by FBR was rejected by CH. Naseer Ahmad (President Islamabad Builders and Developers Association) and other members. According to resources, fair market rates according to the cities, DC rates for cities and fixed formula for property valuation has to be decided yet, possibly in another meeting. Keep visiting sbx.com.pk for more updates and news.

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