Islamabad: As announced by Finance Minister Asad Umar, the restriction imposed earlier on non-filers, which barred them from purchasing property having value more than PKR 5 million, has been lifted, a news source reported. The announcement was made during his speech while presenting Finance Supplementary (Amendment) Bill 2018 on Tuesday.
The PKR 5 million limit was set by the previous government to discourage people from not filing their income tax returns. That was in addition to barring them from buying new luxury cars.
The current government has lifted both these restrictions stating that these markets interest non-residents Pakistanis, who also send a huge amount of foreign remittances for buying these assets, where a huge amount is channeled into the real estate sector.