Business

Restrictions to hit remittance flow

Pakistanis sent remittances worth billions of dollars that played a crucial role in the economy

Our Correspondent June 12, 2018

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 12^th, 2018.

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