Maximum limit of property purchase enhanced to Rs5 million for non-filers: Miftah Ismail

KARACHI: Finance Minister Dr. Miftah Ismail on Saturday said the maximum limit for purchase of immovable properties by non-filers has been increased to Rs5 million.
Talking at a meeting hosted by Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to discuss anomalies in the budget 2018/2019. The finance minister said that the government was determined to broaden the tax net and imposing the limit on property purchase for non-filers.
In the budget the government has proposed Rs4 million threshold for non-filers on property purchase and above only filers can make purchases.
He, however, firmed that the government would not revisit taxes on motor vehicle purchases. “Only a taxpayer should run motor vehicles on roads that are constructed through taxpayers money,” he added.
Dr. Miftah Ismail said that there were reports of $6.5 billion under-invoicing on import from China and UAE. He said that so far China had not given online access to import data.
The finance minister said that the government would consider reducing customs duty on import of medicines.
He said that the government was taking action on the dollars movement. He said that illegal money changers had been set up near Afghan border.

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