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FBR’s Game-Changing Move: Non-Filers Can Now Buy Properties Up to PKR 1 Crore

Posted by Osamafatehali on January 28, 2025
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The Federal Board of Revenue (FBR) has made a historic announcement that would upend Pakistan’s real estate market:

Non-filers can now buy properties up to PKR 1 crore (10 million).

This change in policy has the potential to stimulate the real estate market and open up new investment opportunities.

Why should you pay attention?

  • Increased Investment Horizons: Non-filers are now permitted to make real estate investments without the restrictions that were previously in place.
  • Towards Market Transparency: By reducing the flow of black money, the FBR’s project seeks to create a more open and controlled marketplace.
  • Reviving the Real Estate Industry: It is projected that this ruling will lead to a spike in real estate deals, reviving the market.

The Backstory

In a meeting chaired by MNA Naveed Qamar, the National Assembly Standing Committee on Finance and Revenue approved this policy. A subcommittee was formed to work with the Association of Builders and Developers (ABAD) to develop qualifying requirements and deadlines for non-filers after the committee examined the Tax Laws (Amendment) Bill 2024.

State Minister for Finance, Ali Pervaiz Malik, emphasized that this move aims to broaden the tax base, addressing longstanding issues. While non-filers can now purchase property up to PKR 1 crore, restrictions will remain on larger investments.

Additionally, the government plans to recruit 1,600 new auditors to strengthen tax enforcement and combat black money in the real estate sector. Despite concerns about potential corruption and capacity challenges, the government is committed to overcoming these hurdles to improve the country’s financial health.

What’s Next?

To resolve issues raised by the real estate sector and guarantee a seamless implementation of this new policy, the subcommittee will convene on a regular basis. As the process progresses, stay tuned for additional information in the upcoming weeks.

For more details, you can watch the full press conference via Dunya News: Video

One thought on “FBR’s Game-Changing Move: Non-Filers Can Now Buy Properties Up to PKR 1 Crore

  • Arshad Maqbool
    on January 31, 2025

    Excellent

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