Lahore:
The authorities concerned have initiated work on the federal government’s
proposal for regulating the sale and purchase of property and business entities
involving foreign nationals — according to news sources.
The government has been analyzing ways to regulate and supervise the business activities of foreign companies and individuals in a bid to widen the tax net. The interior ministry reached out to the provinces and sought their input on the subject. The Punjab government has already prepared an initial draft of its proposal.
As per the information available, the provincial government has proposed that instead of giving ownerships of land, foreign nationals should be given property leases for a specified time. The proposal also suggests for the government to adopt separate land leasing policies for commercial, residential, industrial and agricultural land to identify the foreign nationals’ property possession status. It is also recommended that all foreign nationals should undergo security clearance before any land is leased to them.
The
interior ministry has directed the provincial bodies to submit their proposals
before February 15, so that a formal regularization process is formulated.
Hazafa reveres the art of writing and has been turned into a property enthusiast by profession. Her daily survival kit includes; tea, coffee, keyboard and paperbacks.
