Restrictions to hit remittance flow
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 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.
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.