The Ministry of Planning, Development and Reform, Ministry of Finance and Federal Board of Revenue (FBR) would jointly explore the possibility of reversing a major budgetary measure of Finance Act 2018 to allow overseas Pakistani non-filers for buying immovable properties inside Pakistan.
Sources told Business Recorder here on Wednesday that Ministry of Planning, Development and Reform is pursuing Ministry of Finance and the Federal Board of Revenue (FBR) to exempt overseas Pakistanis non-filers from condition of Finance Act 2018 and allow them to buy immovable properties inside Pakistan. The recommendation is to allow non-filers overseas Pakistanis to purchase any immovable property, exceeding Rs 5 million within Pakistan.
Ministry of Finance and FBR has received a recommendation of Ministry of Planning to reverse the decision of the government introduced through Finance Act 2018 and exempt overseas Pakistanis non-filers from buying property.
During a past meeting of the Senate Standing Committee on Planning, Development and Reform, one of the recommendations of the Senate Standing Committee is:
"The Ministry of Planning, Development and Reform should pursue the matter of barring overseas Pakistanis non-filers from buying property inside Pakistan. The Ministry of Planning in consultation with Ministry of Finance and FBR should conduct a brainstorming session to reconsider the decision of the Government and exempt overseas Pakistanis non-filers from buying property," recommendation added.
In the light of the said recommendation, the Ministry of Planning, Development and Reform intends to hold a brain storming session in near future. It is therefore requested that a focal person may be nominated by the Ministry of Finance and FBR for the aforementioned brain storming session to discuss the decision of the Government of barring overseas Pakistanis non-filers from buying property inside Pakistan and may give appropriate recommendations to the competent authority.
According to the Finance Act 2018, the new section 227C of the Income Tax Ordinance 2001 has imposed restriction on purchase of certain assets. Notwithstanding anything contained in any law, for the time being in force, any application or request by a person to any authority responsible for registering, recording or attesting transfer of any immovable property, exceeding Rs 5 million for registering or attesting the transfer shall not be accepted or processed by such authority, unless the person is a filer, Finance Act 2018 added.