The Federal Board of Revenue (FBR) intends to revise and increase the official rates of immovable property in 18 cities of Pakistan. These rates were already revised upward twice in 2019, once in February 2019 by an average of 20 percent and then again in July.
As a result of the increase in the official valuation table, the real-estate market was heavily jolted and investors faced colossal losses against their investments. The FBR should not increase the official rates of immovable property anymore, as the step would be disastrous for the real-estate sector and have a negative effect on the revenue collection. The government must rethink its decision.
Mumraiz Khan
Karachi
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