FBR Allows Non-Filers to Buy Property Up to PKR 1 Crore

FBR Game-Changing Move: Non-Filers Can Now Buy Property Up to PKR 1 Crore

The Federal Board of Revenue (FBR) has introduced a landmark policy change, allowing non-filers to purchase property worth up to PKR 1 crore (10 million). This move is expected to boost real estate investment, enhance market transparency, and revive the property sector in Pakistan.

Why This Matters | FBR Allows Non-Filers?

Expanded Investment Opportunities – Non-filers can now legally invest in real estate without previous restrictions.
Increased Market Transparency – Aim to reduce black money circulation and improve financial oversight.
Real Estate Market Revival – Expected to increase property transactions and attract new investors.

The Decision-Making Process

This policy was approved during a National Assembly Standing Committee on Finance and Revenue meeting led by MNA Naveed Qamar. A subcommittee has been tasked with finalizing eligibility criteria and implementation timelines in collaboration with the Association of Builders and Developers (ABAD) under the Tax Laws (Amendment) Bill 2024.

Government’s Plan for Stronger Tax Enforcement

To ensure compliance and reduce black money flow, the government plans to hire 1,600 new auditors to strengthen tax enforcement in the real estate sector. While non-filers can invest up to PKR 1 crore, restrictions remain on larger property transactions to ensure financial transparency.

Challenges & Future Steps

Although this move is widely welcomed, concerns remain about corruption risks and enforcement challenges. To ensure smooth execution, the subcommittee will hold regular meetings to address industry concerns and optimize the policy framework.

Final Thoughts for FBR Allows Non-Filers

The FBR’s policy update marks a significant shift in Pakistan’s real estate landscape. By allowing non-filers to purchase property, the government is working to expand the tax net, regulate transactions, and drive economic growth.

Stay updated for further developments as implementation details unfold in the coming weeks!