ISLAMABAD: The Federal Board of Revenue’s (FBR) field office has categorically clarified that no reduction in values has been offered in the new valuation table of immovable properties for Karachi under S.R.O.1724 (I)/2024.

“Hence the calculation method for reduction rates of immovable properties is withdrawn and no reduction in values is offered in current valuation table”, Karachi tax office added.

Tax experts have sought an urgent clarification from the FBR to explain whether previous rebates are still allowed on immovable properties in Karachi under the new S.R.O.1724 (I)/2024.

According to the communication to the FBR, reference has been made to S.R.O. 1724 (I)/2024 issued by the FBR. In the current notification issued on October 29, 2024 there are no such kind of rebates allowed as compare to previous notification. The FBR needs to clarify whether previous rebates are still allowed on additional storeyed of the residential bungalows/old constructions and old flats/apartments, tax experts added.

In this regard, Regional Tax Office-I Karachi has issued a clarification.

According to the clarification of RTO-I Karachi, it is to clarify that in the current notification S.R.O.1724 (I)/2024, it is clearly stated that, “in suppression of S.R.O.345(I)/ 2022”, which clarifies that the previous notification is no more in the field.

Source: Business Recorder, 2024