Pakistan(National Times)- ISLAMABAD: During the first nine months (July-March) of the current fiscal year, the Federal Board of Revenue (FBR) collected Rs169 billion on account of Withholding Tax (WHT) on both sale and purchase of immovable property, compared to Rs136 billion in the same period of the last financial year, The News reported. The number of transactions faced a dip in the range of almost 15% in the current fiscal year, though the tax rates witnessed a phenomenal surge in the last budget FY24-35.  The FBR had envisaged to increase the tax amount on both sale and purchase of property by 50% after raising the tax rates but, so far, the tax amount has gone up by almost 24% in the first nine months of FY24-25 against the same period of the last fiscal year. The tax rates on the sale of immovable property under 236C stood at 1% for filers and 2% for non-filers in the tax year 2021, which was increased to 2% for filers and 4% for non-filers in the tax year 2023. This WHT rate was increased to 3% for filers and 6% for non-filers in the tax year 2024. The advance tax on the purchase of immovable property was 1% for filers and 2% for non-filers in 2021 and it was increased to 2% for filers and 7.5% for non-filers in 2023. Now in the last budget for 2024-25, it was increased to 3% for filers and 10.5% for non-filers. Amid this massive surge in tax rates, the property sector has paid Rs169 billion in the shape of Withholding Tax (WHT) on both sale and purchase in the first nine months (July-March) period of the current fiscal year. The contribution of the property sector in the shape of taxes stood at Rs136 billion in the same period of the last financial year, witnessing an increase by 24.3% in the ongoing financial year so far. However, the government has moved a summary for abolishing the Federal Excise Duty (FED) on property whose contribution to the national kitty was less than Rs2 billion in the first nine months of the current fiscal year.  “The federal cabinet has not yet granted its nod on the FED and it may be tabled in parliament in the shape of a bill. Although, it was the wish of the government to promulgate an ordinance to abolish the FED yet the IMF may not grant its permission to do so,” top officials of the government confided to The News here on Sunday. The FED rate for filers stood at 3%, late filers 5% and 7% for non-filers. On the other hand, the salaried class has so far paid approximately Rs370 billion in the shape of tax amount in the current fiscal year. The salaried class tops among all other sectors on account of contribution in taxes than property and exporters. The salaried class has outpaced other sectors which used to earn more but their contribution was negligible to the national kitty. The sources said that the Income Tax Ordinance section 236C dealt with advance tax on sale of property and there was a tax rate of 3% for filers and 6% for non-filers. Under 236C, the FBR has so far collected Rs84 billion in the first nine months of the current fiscal year against Rs65 billion in the same period of the last financial year. Under 236K, the FBR has collected Rs85 billion in the first nine months of the current fiscal year against Rs71 billion in the same period of the last financial year. The government had imposed 15% Capital Gains Tax (CGT) on gains from the property sector but it will come along with upcoming income tax returns.