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July 1, 2016 •  If you thought property purchased or sold only after July 1, 2016 would be evaluated per the new mechanism and be taxed accordingly, you have been wrong! Federal Board of Revenue (FBR) has released further details on  New Property Evaluation Mechanism , which is now termed as Procedural Law. The valuation mechanism for immovable property will be applicable on property deals done between 2006 and 2016. In other words, property owners and investors who haven’t paid their property taxes on transactions done between these 10 years will now have to pay up. Once again, the terms are different for tax filers and non-filers. The tax filers will pay taxes on property they purchased and sold in the last 5 years while the duration for non-filers is 10 years. Evaluation of immovable property will be carried out by the evaluators appointed by State Bank of Pakistan (SBP). According to news details, FBR plans to collect 35% tax and a similar amoun...