LAHORE: The Federal Board of Revenue (FBR) has decided to increase property valuations by up to 75 percent.
Property valuations have been determined for 42 major cities across the country, and the revised prices have been finalised.
A notification regarding the new property valuations is expected to be issued soon. The valuations have been determined based on fair market value and location.
In the next phase, the new property valuations for an additional 15 cities will also be included in the list.
Earlier, Federal Board of Revenue (FBR) Chairman Rashid Langrial has issued a stern warning that large-scale action against non-filers will begin after November 1.
Speaking to the media in Islamabad, Langrial revealed that the number of income tax returns filed has exceeded four million, doubling compared to last year.
“There will be no extension in the deadline for submitting income tax returns,” he said, reiterating that the final date for submissions is October 14.
Langrial added, “We have complete data on non-filers, and action will commence on a large scale from November. The prime minister has directed that no tax evaders should be spared.”
The FBR recently decided to impose 15 restrictions on tax defaulters, removing the non-filer category. Initially, five key measures will be enforced, including restrictions on property transactions, vehicle purchases, international travel, opening current accounts, and investing in mutual funds.
