LAHORE – The outgoing PML-N govt on Friday announced that the non-filers would not be able to purchase property worth Rs4 million in the next fiscal year.
However, filers can buy after paying one percent tax on the purchase of properties, Finance Minister Miftah Ismail said while presenting the sixth and final budget of the Pakistan Muslim League-Nawaz (PML-N) earlier today.
In the budget speech, the newly sworn-in minister announced the new rules for purchase of the property.
Earlier this month, on April 6, the government had announced a five-point tax reforms package and amnesty scheme for nonfilers with a focus on property sector tax regime.
The government had introduced a 1 percent income tax on all property transactions. It had also said the advance tax would be adjusted in the income tax liability. The federal government had also asked the provinces to lower the rates to one percent to discourage undervalue declaration.
The prime minister had said that in order to check the understatement of property value, the government would have the right to purchase a property on double the value declared by the owner during the year 2018-19, at 75 percent more in 2019-20 and at 50 percent more in 2020-21.
Image courtesy: precondo.ca
