PESHAWAR: The Khyber Pakhtunkhwa government decided to oppose recently determined valuation of property.
Minister for Finance Muzaffar Said has termed the new valuation rates unfair. In a statement, he said the valuation rates have been fixed without consulting the provincial government.
“The KP government will oppose the new valuation rates on every forum,” he said. “The issue has also been discussed with the Sindh and Balochistan governments.”
The property valuation table has been notified for Lahore, Multan, Gujranwala, Faisalabad, Sialkot, Islamabad, Karachi, Hyderabad, Sukkur, Sargodha, Mardan, Abbottabad, Peshawar, Quetta and Gwadar. It is aimed at collecting Capital Gain Tax (CGT) and withholding tax on sale and purchase of the immovable property.
Peshawar has the highest priced land followed by Lahore that stands second on the rating list. He added the new rates will have bad impacts over the economy of the province.
The FBR has divided the Peshawar district into two categories – residential and commercial properties with rates ranging from Rs20,000 per marla to Rs1.5 million in the residential sector.
The price of the commercial property ranges from Rs13,000 to Rs4.7 million per marla in various localities of the district.
Properties in Saddar Bazaar, Mall Road, Sunehri Masjid Road, Tipu Sultan Road, Khadim Hussain Road, Arbab Road and Artillery Road has been valued as the most expensive commercial areas with a price over Rs4.7 million per marla.
The most expensive residential areas valued by FBR in Peshawar included Gari Abdul Majid, Tehkal Payan and Tehkal Bala (Jamrud Road).
