ISLAMABAD: Federal Board of Revenue (FBR) has reduced valuation of immovable industrial properties located in Karachi for both open and constructed plots.
The FBR issued SRO 18(I)/2018 on Thursday to amend SRO 662(I)/2016, dated August 02, 2016 through which the revenue body introduced the property valuation for the city of Karachi for determination of withholding tax on sale and purchase of immovable properties.
According to the latest SRO the valuation of industrial open plot under category I has been reduced to Rs9,603 per square yard to Rs12,000 per square yard. The valuation for constructed industrial plot has been reduced to Rs1,905 per square feet from previous Rs3,000 square feet.
Similarly, the valuation for immovable properties located in DHA Phase 9 has been reduced to Rs7,500 from Rs9,100.