| Islamabad: The Pakistani Government has finalised plans to establish the Real Estate Regulatory Authority, introducing stricter measures to curb tax evasion and unauthorised transactions in the sector. The news has been sourced from an article on March 5.
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According to the details, the new regulations will impose fines of up to PKR 1 million and prison sentences of up to three years for violations.
Under the proposed framework:
Unregistered individuals conducting real estate transactions may face fines ranging from PKR 50,000 to PKR 500,000.
Real estate agents providing false information could be penalised between PKR 200,000 and PKR 500,000.
Wrongful property transfers may result in fines between PKR 500,000 and PKR 1 million.
Failure to submit the required documentation could lead to penalties from PKR 50,000 to PKR 200,000.
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The initiative aligns with efforts to enhance tax compliance and transparency in the sector. These measures come amid ongoing discussions regarding economic reforms, with policy-level talks between Pakistan and the International Monetary Fund (IMF) commencing today. |
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