Key Points of the Clarification
- No Reduction in Values:
RTO-I Karachi clarified that no downward adjustments or rebates have been offered in the valuation of immovable properties.
The calculation methods for reduction rates applied in the past are no longer applicable. - Supersession of Earlier Notifications:
S.R.O. 1724 (I)/2024, issued on October 29, 2024, explicitly states that it supersedes S.R.O. 345 (I)/2022.
This implies that any benefits or rebates provided under the previous notification are no longer valid. - Rebates on Additional Storeys and Old Constructions:
Tax experts have raised concerns about whether rebates on additional storeys for residential bungalows or old constructions, such as flats/apartments, still apply under the new rules.
The RTO-I clarification indicates that these rebates have been discontinued, as the prior notification has been overridden. - Need for Further Clarification:
Tax experts have urged the FBR to explicitly confirm whether specific benefits offered in earlier notifications, particularly for old or multi-storeyed properties, are entirely rescinded or if certain provisions remain applicable.
