• Disappointed industry players term decision shocking
• Say curbs on non-filers will further slow real estate activities

LAHORE: The government has finally announced tax relief for the real estate sector by reducing various taxes on property transactions.

In his budget speech, Finance Minister Muhammad Aurangzeb on Tuesday announced a reduction in withholding tax for various property purchasers’ slabs from 4 per cent to 2.5; 3.5 to 2pc; and 3 to 1.5pc.

The minister also announced the abolition of 7pc Federal Excise Duty (FED) on property transactions. Similarly, the stamp duty on property transactions in Islamabad has also been reduced to 1pc from 4pc.

According to budget documents, the tax relief........

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