Offici­al says correc­ted docume­nt expect­ed todayRAWALPINDI: The property registration system in Rawalpindi district came to a standstill with the start of new financial year owing to errors in property tax list. The registrars in Rawalpindi city and the cantonment area have sent back the deputy commissioner rate list for corrections, officials said. The Federal Board of Revenue (FBR) has hiked property valuations by 20 per cent to 100 per cent for the purpose of tax collection on commercial and residential property sales. According to the proposed rates, the value of the property in Sector D-12 has been raised from Rs38,760 per square yard to Rs68,000 per square yard. The previous rate of Rs68,580 per square yard in Sector E-7 has been increased to Rs148,000 – the highest rate in the city – while for Sector E-11 the rate has gone from Rs31,200 per square yard to Rs64,000.

Source: The Express Tribune July 05, 2019 05:14 UTC