- Panel of the Senate to consider the bill of amendment of tax laws later.
- FBR to develop an online system in conjunction with Nadra.
- Bill on the tax modification postponed by the National Committee of the Assembly.
Islamabad: The decision of the Federal Board of Return (FBR) to slam the restrictions on the property transaction of more than 10 million rupees for non -eligible persons lost its vapor when the changes proposed to the tax laws were arrested.
Now, the approval of the bill on the modification of tax laws would be examined by the permanent committee of the National Assembly on finance and income, after two months, when the FBR develops an online system to allow voluntary modifications In declarations of income filed or wealth statements to convert non-eligible person to an eligible person.
Under the bill on the modification of tax laws, the person should demonstrate their eligibility to show their asset value up to 10 million rupees to buy a conspiracy worth RS13 million.
For such a person, the FBR will develop an application by which the person will be able to modify the improvement of the limit to declare more assets to qualify for the eligibility criteria.
This online system would be designed by the FBR in close connection with the National Database and the Registration Authority (NADRA) and the provincial accre departments.
Now, it seems that these proposed modifications could be part of the next financial bill which should be presented in the next budget for 2025-26.
When the Standing Committee of the National Assembly on Finance and Revenues continued its deliberations to examine the recommendations of his subcommittee in Parliament, the head of the opposition Omar Ayub has boycotted the procedure while raising the question of the Non-production of a MNA PTI despite the order of production.
When the president of the panel, Naveed, Qamar refused to allow him to speak, with other MNA PTIs boycotted the procedure.
Finally, NA panel’s approval postponed the new section 114C (Restriction On Economic Transactions of Non Filers) of Tax Laws (Amement) Bill 2024 until the FBR provides technological changes in its online systems.
Originally published in The news