The National Assembly Standing Committee on Finance and Revenue has approved amendments allowing non-filers to purchase rickshaws, motorcycles, tractors, and cars up to 800cc.
The committee also approved several key recommendations, including mandatory reporting by banks of transactions exceeding an individual’s declared income in tax returns.
These decisions were part of a broader review of The Tax Laws (Amendment) Bill, 2024, aimed at addressing stakeholder concerns and refining the tax system. At a meeting chaired by MNA Naveed Qamar, the committee discussed various provisions of the bill and agreed to finalise the remaining sections in the next session. MNA Bilal Azhar Kayani, convener of the sub-committee on finance and revenue, presented the committee’s report, which was unanimously adopted.
The committee also sought greater clarity on the definition of “cash and equivalent assets” in Clause (5)(a) of the bill, as directed by Chairperson Naveed Qamar. Additionally, the Federal Board of Revenue (FBR) was tasked with finalising its updated online system and mobile app, with a demonstration expected within two months.
Amendments to the Federal Excise Act 2005 were deferred for discussion at the next committee meeting. The sub-committee recommended that the federal government, rather than the FBR, determine transaction value thresholds to prevent undue restrictions on property purchases, particularly for lower and middle-income citizens and first-time buyers. It also clarified that until the government notifies a specific value, no person would be deemed ineligible for transactions under this clause.
The definition of an “eligible person” was revised to include parents, spouses, and dependent children as immediate family members.
The FBR was directed to install points of sale at all Islamabad hotels and extend them to other service providers in the federal capital.
Additionally, Nadra, provincial excise departments, and land authorities will share property purchase data with the FBR.
The committee approved hiring new auditors and experts for the FBR, with the condition that any auditor found leaking taxpayer information would be dismissed immediately.
MNA Dr. Nafisa Shah expressed concern that the new tax amendments might lead to capital flight, potentially harming the economy. The meeting was attended by committee members, Minister of State for Finance Ali Pervaiz Malik, the finance secretary, the FBR chairman, and senior finance ministry officials.
