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Non-filers won’t be able to purchase property from July 1: Miftah

Non-filers won’t be able to purchase property from July 1: Miftah

ISLAMABAD: Prime Minister’s Advisor on Finance Miftah Ismail has reiterated that non-filers will not be able to purchase property from July 1, 2018.

Talking to media after addressing a roundtable conference on investment in Pakistan, Miftah Ismail said that salary and pension would be increased more than inflationary pressure of 5 percent on average in the upcoming budget.

He said that the outlay of federal budget would be hovering around Rs5.5 trillion for upcoming fiscal year and he would himself present budget speech in the Parliament. Regarding real estate reforms, he said that the provinces would be requested to do away with valuation rates of property known as DC rates and similarly the FBR’s valuation rates would also be abandoned. “We will allow sale/purchase of property at any rate but the government will have power to buy land at double rate within six months period,” he added.

He said that the FBR assessed revenue losses of Rs90 to Rs100 billion and this money would go into the pockets of middle class and with multiplier effect this extra money would come into circulation and the government would get its share in shape of taxes on consumption. The incoming government, he said, would have powers to reverse this reduction.

Earlier, in his address, he said that there were 5 salient features of economic reform package announced by PM Abbasi as the tax rates were reduced from 30 to 15 percent and taxable ceiling limit was jacked up from Rs40,000 earner of per month to more than Rs100,000 per month.