Islamabad: (Right Now News) The government has started considering a proposal to reduce real estate tax. The proposal includes abolishing tax on one-kanal plots. Discussions with the IMF are expected before the upcoming budget. An IMF team will soon visit Pakistan for consultations on budget proposals.

According to officials, the FBR collected 197 billion rupees in tax from the real estate sector over nine months. Tax collection from plot sales increased by 62%, reaching 137 billion rupees. Tax on plot purchases decreased by 16%, amounting to 61 billion rupees. Profit tax from properties was only 1.7 billion rupees.

The FBR reported a 29 billion rupee increase in tax collection from salaried individuals this year. Salaried individuals paid 420 billion rupees in tax over nine months, compared to 391 billion rupees in the same period last year. Non-corporate employees paid the highest amount, 187 billion rupees.

Corporate employees contributed 134 billion rupees in tax, while provincial employees’ tax decreased to 59 billion rupees. Federal employees paid 41 billion rupees in tax. These changes could significantly impact government revenue.

It is noteworthy that the government’s proposal to reduce tax on the real estate sector aims to further stimulate the property market. Previously, the government has taken steps to reduce taxes in various sectors.