immovable property is that of the immovable property. If you have queries regarding property taxes, please feel free to converse with me in the comments section below. Atilola is also the Editor-in-Chief, Nigerian Tax Law Reports (19602010). Though property rates for the purpose of tax calculation as determined by FBR are greater than the Deputy Commissioner (DC) Rates, the difference is still far less than the initial changes that came with the budget last month. These valuation tables will also add transparency to real estate transactions.įurthermore, amendments in property taxes and property valuations will curb market speculation. The real estate market, which has been on the rocks for the past one month, will now get back on track sooner rather than later. Now that the property valuation rates have been decided, no ambiguity should remain among investors and even genuine buyers. The property rates for the purpose of tax calculation were determined by FBR and real estate stakeholders after several meetings. The rates at which stamp duty is levied on these documents are mentioned in Schedule I of The Bombay Stamp Act, 1958.
The Federal Board of Revenue (FBR) has finally released property valuation tables for all the major cities of Pakistan. Stamp Duty is levied on certain types of document execute in Maharashtra State or brought from outside for acting upon same in the state.
