Islamabad: The Federal Board of Revenue (FBR) has turned down real estate stakeholders’ request to bring down the percentage of withholding tax on property transactions, states a new source.
In a meeting held to discuss details of granting real estate tax amnesty scheme, real estate stakeholders had also demanded the government reduce withholding tax, but the FBR refused to accept this demand, stating that the withholding tax would be reviewed in the next budget.
Currently, withholding tax for property sellers is 1% and 2% for tax filers and non-filers respectively. On the other hand, tax filing property buyers and non-filers are liable to pay 2% and 4% withholding tax in that order.
