*Market Alert: Pakistan Property Amnesty Scheme Got Passed From NA* National Assembly
In huge very positive development first time in decades millions of property holders in Pakistan got an amnesty. Its is now passed from NA and will be implemented soon.. Any one can simply pay 3% tax on difference between current or FBR value and DC price at time of purchase. Property owners or buyers will not be bothered about proving any source of income for property being bought or was bought and now held.
This long awaited amnesty will be game changer for Pakistani property market in days weeks months ahead. It will be a market mover to upside. Most money in property market is white mostly invested by expatriates. But the way that money was transferred to Pakistan through relatives friends first etc makes it black too in FBR books for proving source of income for even those property holders. There fear of FBR asking source of income too will be gone with small 3% tax payment. Also billions and billions of black money actually is hidden in Pakistani property market. This new amnesty scheme will help take fear out of tax audits etc now or in future and will encourage black money to be documents and put to work for Pakistani economy. Too bad for honest people that paid higher rates and obeyed the rules but time to move on.
All sellers should put break on sales. In short term large budget properties will gain immediately. Hold all sales of large ticket items. People with black money will be looking to buy large budget investments in hurry as too many small properties will create more paperwork/headache to them.
All buyers should act asap to lock the deals. In short or long run this step today from NA getting law passed will be very helpful. In very short time buying trading also these 4 months of Dec Jan Feb March are always one of the best. Property market always gain most in these months. Inshallah short term correction is over time to buy sell for short long terms or trading.
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