ISLAMABAD - Estate agents representatives on Wednesday presented property values of 18 cities to the Federal Board of Revenue for the purpose of taxation, which is higher than the existing collector/DC rates.

“Values of the properties in 18 cities will be further discussed in next meeting,” said a participant of the meeting.

He further said that there was huge difference between the values of FBR and Reality stakeholders. He hoped that both sides would resolve the issue.

It is worth mentioning here that the FBR and realty stakeholders last week had agreed to work out valuation tables of property in 18 cities for taxation.

Both sides met again on Wednesday to match the valuation tables to be worked out separately by each of them.

The cities selected for the valuation tables include 10 from Punjab: — Lahore, Rawalpindi, Jhelum, Gujranwala, Gujrat, Sialkot, Faisalabad, Multan, Rahim Yar Khan and Bahawalpur; three from Sindh: Karachi, Hyderabad and Sukkur, and two each from Khyber Pakhtunkhwa and Balochistan: Peshawar and Abbotabad from KP and Quetta and Gwadar from Balochistan.

Islamabad Capital Territory will be dealt as a separate entity.

Another official informed that property values estimated by the realty stakeholders were much higher than the existing DC rates. In some cities, it is up by 100 percent.

The realty stakeholders have demanded the government to announce amnesty scheme for the transactions completed before July 2016.