Karachi, November 28, 2024 – The Federal Board of Revenue (FBR) has clarified that no reductions in property valuations are available under its latest notification for Karachi. The Regional Tax Office (RTO) – 1 Karachi, a key arm of the FBR, issued this clarification in response to doubts raised about Notification No. SRO 1724(I)/2024, dated October 29, 2024, which outlines updated property valuation tables for the city. The FBR explained that the new notification explicitly supersedes the earlier SRO 345(I)/2022, dated March 2, 2022. The withdrawal of the earlier notification nullifies the calculation method for rebate allowances, effectively removing any reductions in property values previously available. This clarification was issued in response to a query from the sub-registrar of SITE Town, Karachi. The move has sparked concerns across Karachi’s real estate sector, particularly as it follows a well-structured valuation system introduced under the now-superseded March 2022 notification. That system had provided specific rebates for property valuations based on factors such as the age, location, and structure of buildings. It also offered allowances for older buildings and multi-story properties, ensuring a more equitable tax assessment that reflected market realities. Prominent High Court advocate Owais Yakoob Kapadia recently addressed the issue in a formal…