Islamabad: Builders and developers have demanded the government to lift its ban on the transfer of immovable property for non-filers of income tax – a news source reported.
The community concerned has sought amendments in the Finance Act, 2018, thorough Finance Supplementary Bill, 2019. An alternative suggestion is to increase the limit from PKR 5 million to PKR 10 million.
So far, the government has not taken the stakeholders into confidence over any consideration of amendments. A former chief of ABAD has also proposed changing the income tax collection mechanism.
Muhammad Arif Yousuf said that the amendments will allow non-filers to purchase immovable properties. The second proposal is to increase the limit of ban for non-filers. The current limit is PKR 5 million. The association has suggested increasing this figure to PKR 10 million.
Moreover, non-residents seeking to invest in real estate have received the impact of the Finance Act, 2018.
