FBR chief says federal excise duty abolished on real estate sector
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Federal Bureau of Revenue (FBR) Chairman Rashid Mehmood Langrial has said that federal excise duty (FED), being charged on the first sale of all properties in Pakistan, has been abolished after the approval of the Prime minister and his Cabinet, reported 24NewsHD TV Channel.
Talking to media, FBR chief said that the government has decided to immediately abolish the 3pc federal excise duty (FED) across Pakistan. He said there is no limit set for property purchase. Summary of abolition of Federal Excise Duty on Property Sent to Cabinet and Cabinet gave its approval.
The decision has been taken in consultation with the International Monetary Fund (IMF), a senior Federal Board of Revenue (FBR) official confirmed.