Govt Eases Transaction Ban for Undeclared Asset Holders Ahead of Budget

The federal government has eased restrictions on high-value purchases by individuals with undeclared assets. The National Assembly Standing Committee on Finance has approved revised thresholds for the restrictions. Under the new rules, car purchases up to Rs. 7 million will no longer face restrictions. Restrictions will now apply only to residential property purchases above Rs. 50 million and commercial plots over Rs. 100 million. Also, stock market investments exceeding Rs. 50 million annually will be restricted. Individuals maintaining bank account balances over Rs. 100 million annually will also be subject to restrictions. The original proposal sought to ban all such transactions by individuals whose declared assets were unjustified. Separately, the Federal Board of Revenue has proposed Rs. 36 billion in new tax measures to offset the reduced sales tax on solar panel imports (cut from 18 percent to 10 percent) and to finance a 10 percent pay raise for government employees.