The International Monetary Fund (IMF) has demanded a crackdown on tax evasion in Pakistan’s real estate sector, as talks to unlock $1bln loan tranche get underway in Islamabad.
The nine-member mission led by Nathan Porter landed in Pakistan today to assess Pakistan’s economic performance to determine the release of the next $1 billion tranche.
As per details with ARY News by sources, the talks got underway between Pakistan and IMF to $1 bln loan tranche under $7 bln loan program. During the talks, the IMF pushed for action against those misdeclaring property values.
As part of the proposed reforms, the Pakistan government assured the IMF of activating the Real Estate Regulatory Authority.
According to sources, strict penalties, including imprisonment and fines, will be imposed on individuals and agents who falsely declare property values.
