ICCI calls for reviewing ban on non-filers from investing in property

ISLAMABAD, Pakistan: Islamabad Chamber of Commerce and Industry (ICCI) on Monday called upon the government to review the decision of putting ban on non-filers from purchasing property of Rs five million and above in Budget 2018-19 as it would hit remittances and entail harmful consequences for the economy.

Talking to a delegation of Traders Welfare Association at G-8/1 Sector in Islamabad, the Acting President ICCI Muhammad Naveed Malik said that every year, Overseas Pakistanis were sending remittances of billions of dollars that were playing crucial role in supporting the economy.

Naveed Malik said almost 50 percent of the remittances were finding way to property and real estate sector, but the new decision of the government would hit new investment in property sector.

The acting president ICCI said out of the $20 billion remittances received, around $ 8-10 billion went into the property and real estate sector.

Muhammad Naveed Malik said Pakistan needed more local and foreign investment to improve its economic growth, but putting ban on non-filers from investing in property would affect investment, especially in real estate sector.

Naveed Malik said Dubai had recently offered 10-year visa to investors and their families while Canada had also offered nationality against investment of $0.8 million.

However, decisions were being taken in Pakistan that were not favorable to attract new investment in the country.

The acting president ICCI emphasized that the government should enhance the tax rate for non-filers and allow them to invest in property sector so that this sector could play more effective role in the economic development of the country.