Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin has assured land developers that the federal government will extend the exemption on wealth reconciliation statement for first-time home buyers beyond Dec 31, according to a report by Dawn.
He was the groundbreaking ceremony of Naya Nazimabad Hospital on Sunday.
Speaking at the occasion, real estate developer Arif Habib had said: “I won’t ask you to waive the requirement of a wealth reconciliation statement for developers when they buy land for housing projects. They’ve already benefited from quite a few amnesties. But please continue the fixed tax regime and wealth reconciliation exemption for first-time home buyers beyond 2021,” he said, noting that most developers are now getting their payments from allotees through cheques instead of cash.
He demanded that the exemption be extended for first-time home purchases of less than Rs50 million.
The finance minister said that the government would “definitely consider it as it is everyone’s right to receive a tax break” in response to Habib.
