Curbs on non-filers in property, vehicles purchase will not be withdrawn: Miftah
KARACHI: In the wake of a parliamentary body recommending the government to ease up restrictions on non-filers of income tax returns from purchasing property and vehicles, Federal Minister for Finance, Revenue and Economic Affairs Miftah Ismail said the restrictions will not be withdrawn.
Speaking to traders here, the minister said, “We will not withdraw the restrictions on non-filers of income tax returns from purchasing new motor vehicles and property.”
On May 07, the Senate Standing Committee on Finance, headed by PPP Senator Farooq H Naek, partially endorsed the government’s proposal to impose curbs on purchase of property and motor vehicles by the non-filers of the income tax returns.
The federal government proposed in the budget for the upcoming financial year that the non-filers will not be able to buy these assets from fiscal year 2018-19, starting from July, which, it said, is aimed at broadening its tax base.
The parliamentary panel recommended relaxing restrictions in terms of allowing the non-filers of the income tax returns to buy or import cars of up to 1,000 cc.
It recommended that the non-filers should also be allowed to purchase residential homes or plots up to 10 marla or 302.5 square yards.