Pakistan, Jan. 28 -- The government is reportedly contemplating a significant reduction in tax rates on property transactions, particularly targeting high-value properties, in a bid to rejuvenate the property market.

Sources suggest that the proposed changes include a substantial cut in taxes on properties valued over Rs100 million, along with a reduction in advance tax for filers from the current 4% to just 0.5%.

The Federal Board of Revenue (FBR) is said to have already started working on the proposals for these tax reductions. The Prime Minister has also reportedly instructed authorities to expedite the process, stressing the importance of creating a more favorable environment for property transactions.

However, before finalizing th...