Restriction imposed on non-filers on purchasing immovable properties, vehicles

0
204

KARACHI: The government finally imposed restrictions on non-filers while purchasing immovable properties and vehicles through Finance Act 2018.
The National Assembly on Friday approved the amended Finance Bill 2018 to give legal shelter for implementation.
According to commentary on amended Finance Bill 2018, issued by Tola Associates the restrictions imposed on purchase of certain assets through Section 227C of Income Tax Ordinance, 2001.
The bill proposed to impose restriction on non-filer on registration of motor vehicles, and immovable property.
The act clarifies that in case of imported vehicles, the restriction shall be imposed on first registration only. “It means that vehicles may be registered to non filers subsequently,” it said.
The act further clarifies that restriction on registration of immovable property will be applied to properties having values exceeding Rs5 million.