Islamabad, March 24 -- The International Monetary Fund (IMF) has rejected Pakistan's Federal Board of Revenue's (FBR) request to reduce transaction taxes for the property sector for the time being, The News International reported.

Earlier, senior officials had stated that the IMF had agreed to reduce the withholding tax on property purchasers by 2 per cent from April 1, 2025, subject to written approval from the IMF. However, the IMF has now officially announced that it has not agreed to lower the transaction taxes for property.

In addition, the IMF has refused to reduce tax rates for tobacco and beverages and has now rejected the FBR's request to cut tax rates for the property sector. Meanwhile, Pakistan and the IMF are moving towards ...