Non-Filers Given Clean Chit to Invest in Real Estate Sector Again!
Finance Minister Asad Umar presented the amendments to the budget for the fiscal year 2018-2019 citing two reasons: protect the poor and support the exports of the country.
Besides the other notable amendments in the budget, one of the most noteworthy changes was removing the bar on non-filers from buying property in Pakistan.
The move came in response to the complaints made by overseas Pakistanis who faced difficulties in buying property in Pakistan. The previous government, in order to support the tax system, implemented restrictions on non-filers from purchasing property in the country but the move did not pay off because not a significant percentage of non-filers registered themselves as taxpayers.
While the decision is gathering tons of criticisms from the opposition, the stakeholders of the real estate sector are of the view that the move will support the sector in the country. All the real estate developments had to maintain a low-profile despite having a lot of potentials. After the removal of this limitation, the societies will attract more investments from outside the country and stability in the prices would be achieved. It is still unclear to the investors how the real estate sector will perform in the coming times but this move is certainly in the right direction and better things can be expected.