Restrictions to hit remittance flow 

Published: June 12, 2018
SHARES
Email
Almost 50% of remittances find their way into the property and real estate sectors

PHOTO: EXPRESS

Almost 50% of remittances find their way into the property and real estate sectors PHOTO: EXPRESS

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) Acting President Muhammad Naveed Malik has called on the government to review the decision of preventing non-filers of tax returns from purchasing property valued at over Rs5 million. “It will hit remittances and entail harmful consequences for the economy,” he said while talking to a delegation of the Traders Welfare Association in Islamabad. Malik pointed out that every year overseas Pakistanis sent remittances worth billions of dollars that played a crucial role in the economy. Almost 50% of remittances find their way into the property and real estate sectors. However, he said after barring the non-filers from investing in property worth over Rs5 million, the government had encouraged overseas Pakistanis to explore investment opportunities in other countries.  

Published in The Express Tribune, June 12th, 2018.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

Facebook Conversations

Leave Your Reply Below

Your comments may appear in The Express Tribune paper. For this reason we encourage you to provide your city. The Express Tribune does not bear any responsibility for user comments.

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments FAQ.

More in Business