Govt likely to introduce scheme for declaring benami assets

ISLAMABAD: The federal government is expected to introduce a scheme for the declaration of benami properties in foreign countries, citing sources, ARY News reported on Sunday.

Ahead of the budget, it was learnt that the federal government made the asset declaration mandatory in the income tax particulars. Sources told ARY News that the government received recommendations to end capital gain to the filers for hiding new properties.

The filers will have to mention their new properties in wealth statements within one year after the new budget. In the upcoming budget, the federal government started preparations to toughen conditions for the documentation of real estate transactions.

READ: Govt decides to start new development projects in budget 2023-24

Sources said that the capital gain right will not be awarded to the filers who hid their new properties, adding, the filers enjoyed the facility of legally hiding their properties for three years.

It had also been recommended to extend the licences for Real Estate Investment Trust (REIT) in the new budget. It is pertinent to mention here that the REIT licences are going to expire on June 30 – 2023.

However, the government is expected to give facility to the filers to declare foreign benami assets. It was also recommended to register agents involved in dealing with plots in housing societies.

READ: Budget 2023-24: Dar vows to ensure business-friendly environment

Additionally, the taxes would be increased on non-filers who purchased plots, whereas, taxes would also be imposed on transactions for files in the property sector.

Sources within FBR said that taxes would be imposed on registered property agents for making transactions of property files. The taxes on non-filers would be doubled who are trading plots.

Yesterday, Finance Minister Senator Ishaq Dar assured that despite economic challenges, the government was determined to provide a business and investment-friendly environment in the country through the upcoming budget of Fiscal Year 2023-24.

Ishaq Dar made the assurance during a meeting with a delegation of Pakistan Stock Exchange (PSX) led by Farrukh Hussain Khan, MD/CEO PSX.