Islamabad: (RightNow) In the first 2 months of the current fiscal year, the salaried class paid Rs 91 billion in income tax. In contrast, the real estate sector collected only Rs 28 billion in income tax.

According to official figures, the salaried class’s tax payment increased by 7.5% compared to last year. Meanwhile, the real estate sector’s tax collection decreased by 29%, recording a reduction of Rs 11.2 billion.

The government reduced the advance tax rate on property transactions by 50%. The tax on property sales was reduced from 5.5% to 2.75%.

The tax rate on property purchases was decreased from 2.5% to 1.25%, reducing tax collection from Rs 27 billion to Rs 18.4 billion.

It is noteworthy that in the last fiscal year, the FBR collected Rs 13.01 trillion in taxes, maintaining a tax-to-GDP ratio of 10.3%.