The Federal Minister for Finance, Asad Umar announced that the non-filers Pakistanis living in Pakistan or abroad are now allowed to buy new cars and property in the country.
The Federal Minister for Finance, Revenue and Economic Affairs has reversed the former government of Pakistan Muslim League-Nawaz’s ban on these purchases by the non-filers. Asad Umar announced to reverse the ban while presenting an emergency supplementary budget in the National Assembly of Pakistan on Tuesday.
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The step taken by the PTI government was well received and welcomed by the investors of the stock market as the benchmark of the KSE-100 Share Index rose more than 1.7% which is almost equal to 700 points.
It is pertinent to mention here that it was the largest single-day gain by the stock market in the period of the last seven weeks.
The stock of several companies in Pakistan including two automakers, five cement companies, and two steel manufactures closed at the upper level of their limits, after rising of the 5% of their opening value.
The stock market and the investors may have admired the step taken by the PTI government, but the former Finance Minister appointed by the Pakistan Muslim League-Nawaz, Miftah Ismail said that he was disappointed after government decision.
Very disappointed that PTI govt has lifted the ban on non-taxpayers from buying new cars and expensive land. We were under intense pressure from auto companies and land developers but we didn’t budge. But today I am sorry to say automakers have won and Pakistani taxpayers lost.
— Miftah Ismail (@MiftahIsmail) September 18, 2018
He expressed his disappointment because he was that one who had imposed a ban on the non-filers to purchase a new car and property, during the last federal budget. He (then) said that the purpose to impose the ban on the non-filer was to bring these people under the tax net of the country.