FBR Chairman agrees to reduce WHT on Property.

There was a meeting held this week by property builders, tycoons, and housing sector owners with the FBR chairman, who had agreed in principle to accommodate real estate and housing scheme owners as they were worried about property sales and purchase reductions since 2022. The meeting held by the Taxation Task Force for the development of the housing sector with real estate developers and all the stakeholders agreed that WHT should be forfeited.

In principle, FBR agreed that he would take back 5% WHT for first-time property purchasers and housing sector businesses. However, the deal is a condition subject to that governments in provinces won't increase taxes in their provinces or regions. The FBR Chairman acknowledges that there should be relief for property sales and purchases, and this sector should not be abandoned. However, FBR stress due to strict IMF conditions, their hands are tied, but in the best interest of the country, they will have to accommodate property dealers. Moreover, he also stressed that non-filers should file their returns so that they could ease further taxes on properties.