ISLAMABAD – Federal Board of Revenue (FBR) is set to increase valuation of immovable properties in major key cities from 75pc to 90pc of market rate.

The country's apex tax collection authority informed Senate Standing Committee on Finance that change in taxes is expected to be implemented from July this year.

The valuation rates of properties would be revised upward soon after the approval of the budget for 2024-25.

As the government is taking measures to boost tax revenues, FBR said it had added 1.5 million new tax filers in the outgoing fiscal year. However, Senator Anusha Rahman expressed concern that without drastic measures, the number of tax filers would not significantly increase. 

FBR also mentioned uncovering Rs 756 billion worth of alleged tax fraud through fake/flying invoices and arrested 70-80 individuals. The steel sector was identified as a major source of fake invoices, causing estimated annual losses of Rs 60-70 billion to the national treasury.