Islamabad: The Federal government has removed the restriction of buying property and cars on non-filers of taxes, a news source reported. Minister of State for Revenue Hammad Azhar revealed this information while announcing the Budget 2019-20.
Azhar stated that non-filers will be allowed to buy property over PKR 5 million. The government has, however, made it mandatory that all transactions for such property are to be made via banking channels. He added the withholding tax on immovable property has been reduced from 2% to 1%.
Announcing the Federal Budget, Azhar also stated that individuals will be liable to questioning from authorities concerned for money transfers worth over PKR 5 million. He said that the citizen under scrutiny will have to reveal sources of income, and go through banking channels for such transactions.
The minister also revealed that under the new budget’s policies, an individual will be liable to paying Capital Gains Tax (CGT) on selling an empty plot within a time period of 10 years.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
