FBR to bring property valuations closer to market rates

• New rates to be finalised in over 50 cities
• Property values expected to rise from 75pc to 90pc of estimated market rates
• Fixed monthly tax introduced for retailers

ISLAMABAD: At a time when the government has implemented several tax measures in the budget for the real estate sector, the Federal Board of Revenue (FBR) on Tuesday directed its field formations to increase property valuation rates to bring them closer to market values, starting next month.

FBR Chairman...