ISLAMABAD, APR 18 /DNA/ – President Islamabad Chamber of Commerce and Industry, Sardar Tahir Mehmood, has welcomed the recent initiative of the Federal Board of Revenue to revise the valuation of residential and commercial immovable properties in Islamabad, terming it a positive and business-friendly step.
In a statement issued here, he said that the notification S.R.O. 644(I)/2026 dated April 16, 2026 reflects a pragmatic approach by the FBR to rationalize property valuations in line with prevailing market conditions. He noted that the downward adjustment in property values would help reduce the tax burden on buyers and sellers, thereby encouraging documented transactions in the real estate sector.
Sardar Tahir Mehmood further highlighted that the Islamabad Chamber of Commerce and Industry had already taken up the issue of inflated property valuations with the higher authorities of the Federal Board of Revenue, urging them to remove anomalies and bring valuations closer to ground realities. He expressed satisfaction that the concerns of the business community have been duly acknowledged.
He observed that the earlier inflated valuations had created hurdles for genuine investors and contributed to a slowdown in property transactions. He expressed hope that the revised rates would restore investor confidence and stimulate healthy economic activity, particularly in the construction and allied industries.
He further stated that the decision would not only facilitate ease of doing business but also support the government’s broader objective of promoting transparency and expanding the tax net through realistic assessments rather than excessive taxation.
The ICCI President appreciated the FBR for taking into account the concerns of the business community and urged the authorities to continue engaging stakeholders in policymaking to ensure sustainable economic growth.
Senior Vice President Tahir Ayub also welcomed the decision, stating that the revision in property valuations would ease financial pressure on traders and industrialists who had been facing difficulties due to high taxation. He added that the move would contribute to reviving business confidence and promote investment in the real estate and construction sectors.
Vice President Muhammad Irfan Chaudhry remarked that rationalizing property values is a step in the right direction towards creating a more balanced and investor-friendly environment. He stressed that such measures are essential to ensure sustainable growth in the property market and to encourage greater documentation of the economy.
