![\"Amnesty](\"http:\/\/www.zameen.com\/blog\/wp-content\/uploads\/2016\/10\/Amnesty-scheme.jpg\")
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After the amendments to the Income Tax Ordinance 2001 with regard to property taxes, the real estate market has not witnessed much sale-purchase activity. Though genuine buyers are steering the market, investors are still waiting for the right time to jump into property dealing again. Even real estate agents are worried about this sluggish activity and are awaiting some relief regarding property taxes.<\/p>\n
According to a news source, the government is planning to announce an amnesty scheme to help the market pick up pace.<\/p>\n
Reportedly, an amnesty scheme will be introduced to whiten the black money circulating in the market. The government plans to offer a mechanism to help people declare their hidden assets by paying less than 5% tax.<\/p>\n
I have also learnt that that this amnesty scheme will be presented in the National Assembly in the coming days. However, the government is unlikely to roll out a presidential ordinance in this regard. The amendments that are currently under consideration will most probably be proposed in the final draft of the Income Tax (Amendment) Ordinance \u2013 2016.<\/p>\n
Section 68, Section 111, and Section 236-P will be changed. These sections deal with fair market values, unexplained incomes or assets, and tax on banking transactions respectively. A meeting to discuss property taxes will also be held with Finance Minister Ishaq Dar.<\/p>\n
Due to the newly imposed taxes, sale-purchase activity has come to a halt and an amnesty scheme or some other amendments are direly needed to help the market regain its vigour.<\/p>\n
Currently, even popular projects such as DHA and Bahria Town are not seeing any impressive investment activity.<\/p>\n
If the tax amnesty scheme is implemented, the property market will most likely experience a sudden turn around. Let\u2019s see how the future unfolds for the real estate market.<\/p>\n","protected":false},"excerpt":{"rendered":"
After the amendments to the Income Tax Ordinance 2001 with regard to property taxes, the real estate market has not witnessed much sale-purchase activity. Though genuine buyers are steering the market, investors are still waiting for the right time to jump into property dealing again. Even real estate agents are worried about this sluggish activity and are awaiting some relief regarding property taxes. According to a news source, the government is planning to announce an amnesty scheme to help the market pick up pace. Reportedly, an amnesty scheme will be introduced to whiten the black money circulating in the market. The government plans to offer a mechanism to help people declare their hidden assets by paying less than 5% tax. I have also learnt that that this amnesty scheme will be presented in the National Assembly in the coming days. However, the government is unlikely to roll out a presidential ordinance in this regard. The amendments that are currently under consideration will most probably be proposed in the final draft of the Income Tax (Amendment) Ordinance \u2013 2016. Section 68, Section 111, and Section 236-P will be changed. These sections deal with fair market values, unexplained incomes or assets, and…<\/p>\n","protected":false},"author":14,"featured_media":23155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[3493,543,3056],"persona":[],"class_list":{"0":"post-23154","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-amnesty-scheme","8":"tag-property-tax","9":"tag-property-taxes"},"acf":[],"yoast_head":"\n