Daily Times

The Federal Board of Revenue’s (FBR) plan to impose restrictions on property transactions exceeding Rs10 million for ineligible individuals has lost momentum after proposed amendments to tax laws were halted.

Now, the Tax Laws Amendment Bill will be reviewed by the National Assembly’s Standing Committee on Finance and Revenues after two months, once the FBR develops an online system enabling voluntary modifications in filed income tax returns or wealth statements—allowing individuals to transition from ineligible to eligible status. Under the proposed amendment, buyers must prove their financial worth of at least Rs10 million to purchase a Rs13 million property.

To facilitate this, the FBR will introduce an app enabling individuals to update their declared assets to meet eligibility requirements. This system will be developed in collaboration with Nadra and provincial excise departments.

It now appears that these amendments might be incorporated into the next finance bill, expected in the 2025-26 budget.

During discussions at the Parliament House, the National Assembly Standing Committee on Finance and Revenues considered recommendations from its sub-committee. However, Opposition Leader Omar Ayub staged a walkout, protesting the non-production of a PTI MNA despite a production order. When committee chairman Naveed Qamar denied him the floor, Ayub and other PTI MNAs boycotted the session.

Ultimately, the committee deferred the approval of Section 114C (restricting economic transactions for non-filers) under the Tax Laws Amendment Bill 2024 until the FBR implements the necessary technological updates in its online system.