The International Monetary Fund (IMF) has urged Pakistan to take action against tax evasion in the real estate sector.
The nine-member IMF mission led by Nathan Porter arrived in Pakistan on Monday for the first review of the $7 billion loan program.
Ever since arriving, the IMF urged Pakistan to take firm measures against property value misdeclaration. The government assured the IMF of activating the Real Estate Regulatory Authority, which will be empowered to impose strict penalties, including imprisonment and fines, on individuals and agents providing false property valuations.
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