Exciting news for the real estate sector! The Federal Board of Revenue (FBR) has announced that non-filers are now allowed to purchase properties worth up to PKR 1 crore (10 million). This major shift is set to open new doors for investment and significantly boost the property market in Pakistan.
What Does This Mean for You?
- More Investment Opportunities: If you’re a non-filer, this is your chance to invest in real estate without facing the usual restrictions.
- A Step Towards a Transparent Market: The FBR aims to combat black money in real estate, ensuring a cleaner and more regulated market.
- Boost for Property Sector: This decision is expected to encourage a surge in property transactions, helping to revitalize the market.
Background of the Decision
This new policy was endorsed by the National Assembly Standing Committee on Finance and Revenue during a meeting chaired by MNA Naveed Qamar. The committee reviewed the Tax Laws (Amendment) Bill 2024 and formed a sub-committee to work closely with the Association of Builders and Developers (ABAD) to define the eligibility criteria and timeline for non-filers.
State Minister for Finance, Ali Pervaiz Malik, highlighted that this move will bring more people into the tax system, addressing issues that have been overlooked for decades. The law will allow non-filers to buy property up to PKR 1 crore, while also imposing some restrictions on larger investments.
Additionally, the government plans to hire 1,600 new auditors to strengthen tax enforcement and combat black money in the real estate sector. While there are some concerns about corruption and capacity issues, the government is focused on overcoming these challenges to improve the country’s financial health.
What’s Next?
The sub-committee will be meeting regularly to address concerns from the real estate industry and ensure a smooth rollout of the new law. Expect more updates in the coming weeks as the process moves forward.
Source:
This information was originally published by Dawn News on January 22, 2025. For further insights, you can listen to the full press conference via Dunya News here.