The federal government has decided to abolish the 3 percent excise duty on real estate, media reported on Wednesday.
The government had imposed this 3 percent federal excise duty in July, which was being collected on the first sale of any plot, but now after 10 months, it has been decided to withdraw this duty.
Senior FBR officials have confirmed that this decision was taken in consultation with the IMF.
It should be remembered that federal excise duty was imposed at 3 percent on filers and 5 percent on non-filers, according to sources, now it has been decided to abolish both categories, for which the FBR has sent a summary.
FBR spokesperson Dr. Najeeb Memon said that legislation will be made soon to abolish federal excise duty, the Finance Minister has approved the summary and the summary will be presented to the federal cabinet soon.
In addition, the government had imposed a 10 percent surcharge on annual income exceeding Rs 10 million, according to sources, this surcharge is also likely to be abolished from the new fiscal year.
According to sources, the government is considering various possibilities to reduce the tax burden on the salaried class, but these decisions will be subject to the consent of the IMF.
