The government of Pakistan has increased the maximum threshold value for non-filers who are looking to buy property. Previously, non-filers couldn’t buy any property worth over Rs 4 million, however, the limit has been increased to Rs 5 million this year.
The announcement was made by the Finance Minister Miftah Ismail in his final budget speech in Senate. He added that 42 of the 49 suggestions made by Senate for the budget 2018-19 were partially or fully accepted. He defended the progress of current government as well.
The Minister further mentioned that the government has already granted 50% raise in conveyance allowance for the government employees. He continued by saying that the income tax will be reduced by 1% each year as well.
Miftah Ismail announced that the government will also launch a Sasta Ghar housing scheme.
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Criticism
The budget has been heavily criticised by a major part of the opposition. The opposition holds the view that the government’s tenure will expire this month, however, presenting the budget for the next whole year doesn’t make any sense.
Miftah responded to the criticism by saying that this is the best possible budget under the circumstances. Talking about the electricity shortfall.
The Minister also commented on the restrictions on the non-filers for buying cars. Miftah told that this decision will not be reverted. He added that only taxpayers will be allowed to drive cars on the roads that are built by taxpayers’ money.
5 Million Amount Not belong to Middle Class Family :
Government should be arrange Home for Rental Family with zero percent interest free installment : instead of tax :
Investors love to buy small homes and plots besides bigger properties . Now, they can buy only small properties because they would like to stay non fillers. It means that prices of small homes shall rise many fold making them out of reach of upper middle class,let alone lower class. They should have imposed filer restriction on selling real estate within five years of original purchase. This would discourage flipping i. e. investors who sell shortly after buying a property. On the other hand, poor people will not have to file returns for buying property.
Mostly the business men are non-filers,
I think its a very good decision to decrease the fake increment of property and cars cost.