The Federal Board of Revenue (FBR) has issued a new notification regarding official property rates in 56 cities across Pakistan, fulfilling another commitment made to the International Monetary Fund (IMF).
Effective November 1, property rates in 45 of these cities will increase by up to five percent, bringing them in line with approximately 80% of the current market rates. However, the old property rates will remain unchanged in 11 major cities, including Karachi, Lahore, Rawalpindi, Islamabad, and Multan. Notable cities such as Quetta, Gwadar, Bahawalpur, Lasbela, Rahim Yar Khan, and Sargodha will also maintain their existing rates.
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The new rates will apply to cities like Peshawar, Abbottabad, Faisalabad, and Gujarat. Revised rates have also been issued for Attock, Haripur, Hyderabad, Wazirabad, Sahiwal, and Gujranwala. Changes have been made in Bahawalnagar, Bannu, Bhakkar, Chakwal, Chiniot, Dera Ismail Khan, and Dera Ghazi Khan.
Further notifications include property rates in Murree, Ghoda Gali, Jhang, Ghotki, Jhelum, Kasur, Kohat, Khushab, Hafizabad, Kotli Sattian, Larkana, and Lodhran. Adjustments have also been made for Wazirabad, Sheikhupura, Sialkot, Sukkur, Talagang, and Toba Tek Singh. New notifications have been issued for Whari, Mandi Bahauddin, Mansehra, Mardan, Mianwali, and Mirpur Khas, as well as for Nankana Sahib, Narwal, and Nowshera.
The FBR’s revision of property rates is anticipated to enhance tax revenue while ensuring compliance with international financial obligations.
