Govt likely to introduce scheme for declaring benami assets.

ISLAMABAD -- The federal government is expected to introduce a scheme for the declaration of benami properties in foreign countries, citing sources, media reported on Sunday.

Ahead of the budget, it was learnt that the federal government made the asset declaration mandatory in the income tax particulars. Sources told media that the government received recommendations to end capital gain to the filers for hiding new properties.

The filers will have to mention their new properties in wealth statements within one year after the new budget. In the upcoming budget, the federal government started preparations to toughen conditions for the documentation of real estate transactions.

Sources said that the capital gain right will not be awarded to the filers who hid their new properties, adding, the filers enjoyed the facility of legally hiding their properties for three years.

It had also been recommended to extend the licences for Real Estate Investment Trust (REIT) in the new budget. It is pertinent to mention here that the REIT licences are going to expire on June 30 - 2023.

However, the government is expected to give facility to the filers to declare foreign benami...