Islamabad: The Federal board of Revenue has allowed non-filer overseas property buyers to purchase property valued over PKR 5 million, reported a news source. The condition to be a filer of income tax returns for inheriting property above the mentioned price limit has also been removed.
The prime motive of lifting the ban is meant to ease the investment conditions for overseas Pakistanis eyeing the property market. The ban was imposed by the previous government in an attempt to increase the number of tax filers.
The information regarding lifting the ban was shared via a circular issued on Wednesday i.e. October 24, 2018, stating that the restriction on non-filers for buying property having value more than PKR 5 million has been lifted for legal heirs inheriting property and non-resident Pakistanis.
The condition will also not apply on overseas Pakistanis who will produce a certificate from a bank as proof of foreign exchange remitted from other countries via normal banking channels. The certificate has to be shared 60 days before the date of transferring or registering immovable property valued at more than PKR 50 million.
