Govt agrees on amnesty scheme to regularise property investment

KARACHI: The government has agreed to introduce an amnesty scheme for regularisation of investments in property. The scheme would be called the “Property Investment Regularisation Scheme.”

According to the scheme, the property purchased prior to July 1, 2016 will enjoy legal protection. Sources in the FBR said the purpose of the scheme is documentation. Sources participating in the negotiations said most of the disagreements between the government team and stakeholders in the purchase and sale of property have been removed.

During the negotiations on Wednesday, the builders, developers and property dealers presented to the government team a detailed chart of DC Value and Current Value. Having reviewed the chart, there would be discussion again on these rates at 11.00am on Thursday. After giving a final shape to the rates, the scheme would be placed before the prime minister and after its approval by the prime minister, the scheme and the new rates would be announced.

Sources said that the government had already withdrawn the principle of fixing of values and valuation by the State Bank on the demand of builders, developers and property dealers. Now the tax would be recovered onwards, according to the new valuation of property on the demand of all the stakeholders.