Rollback of last govt tax breaks for Property Buyer

Good News, For Property Buyers, Current Govt. Rollback of last govt. tax breaks for Non-Filer to Increase interest of Overseas Pakistani in Real estate Market of Pakistan.

Finance Minister Asad Umar on Tuesday presented an amendment to Finance Act, 2018 at the floor of the house. In his speech, the finance minister presented a mix of relief and revenue measures during the remaining 9 months of the current fiscal year.

The finance minister said that the country was facing serious economic challenges and changes to budget 2018/2019 were necessary. He said that the government was taking Rs183 billion measures out of which Rs92 billion would be generated through using modern technology.
Asad Umar said that the previous government introduced withholding tax at 0.6 percent on non-filers while making non-cash transactions up to Rs50,000 in a day. This rate, however, has been reduced to 0.4 percent in the last budget. “The rate has been restored to 0.6 percent for non-filers,” he added.

He said that in the last budget a provision was introduced under which non-filers could not purchase immovable property and motor vehicles. “This provision has been abolished on the demand of expatriate Pakistanis,” he added.

Development Budget

"We recognize that the development budget provides a foundation for the future. The former honorable planning minister is seated here. He kicked off the CPEC programmes, which we will not allow a single rupee to be taken away from."

"Mr. Khwaja Asif also mentioned the budget for dams, and we will not alter anything about it. We will try to complete the two dams — Diamer Bhasha and Mohmand — in five or six years, instead of eight or nine," Umar said, assuring the opposition.

"Rs661bn was spent on development last year; we will spend Rs725bn this year. But we need some financial innovation to do this. I invite the finance committee to meet on this separately.

"Out of this, we will be spending Rs50bn on development in Karachi. This is a joint venture between the federal and Sindh governments and the commissioner Karachi will be its chief executive."

"We have also identified infrastructure priorities in detail with the National Highway Authority, on which we will spend Rs100bn. We will spend another Rs575bn on PSDP, and another Rs150bn off the balance sheet."