APROPOS the editorial ‘Property rates’ (July 26). The Federal Bureau of Revenue claims that the new valuations of properties are now 85 per cent of the actual value.
This is not correct. In Phase VIII of Karachi’s Defence Housing Authority, the FBR has fixed the value of a commercial open plot as Rs150,000 per square yard, which is ridiculously low.
The actual price is a million rupees per square yard at least. This means that the government will get only 15pc of taxes due from such properties owing to the FBR’s incorrect evaluation.
Similarly, in case of apartments, the valuations are only 25pc of the actual value.
Published in Dawn, July 29th, 2019