Govt looks to end Federal Excise Duty on property transactions

The Federal Board of Revenue (FBR) has submitted a summary to the federal cabinet requesting the withdrawal of Federal Excise Duty (FED) on property transactions. “We will issue a notification after the cabinet approves the summary,” FBR Chairman Rashid Langrial told Dawn on Wednesday. In the Finance Act 2024, the government has imposed 3 per cent FED on filers, 5pc on late filers and 7pc on non-filers. This levy is believed to have slowed down the transactions in the real estate sector. Mr Rashid said that Prime Minister Shehbaz Shairf has already given a green signal for the FED withdrawal as the International Monetary Fund has not raised any objections to the move.