FBR considers cutting withholding tax, reviewing 5% FED for first-time homebuyers

Federal Board of Revenue (FBR) Chairman Rashid Mahmood has agreed in principle to reduce withholding taxes on property sales and purchases and reconsider the 5% Federal Excise Duty (FED) on property transactions to provide tax relief for first-time homebuyers and promote affordable housing schemes.

According to a news report, this was discussed during a meeting of the Taxation Working Group…