FBR resists easing restrictions on property purchases.

As we reported recently, the Tax Amendment Bill 2024 has been postponed for voting by the NA standing committee on finance, and they sent the bill to its subcommittee for recommendation. The standing committee on finance said that these are very strict and harsh measures proposed in the bill.

The Tax Amendment 2024 Bill will create more problems for the common people rather than forcing everyone to come into the tax net. Even the NA Standing Committee on Finance said that the restriction that FBR proposed through the Tax Amendment Bill 2024 cannot be seen anywhere in the world.

The subcommittee on finance said that these are not practical measures proposed in the bill to stop people from purchasing property. Moreover, the subcommittee proposed that, first, it was allowed for non-filers to purchase property worth up to 10 million PKR in the bill, and now the sub committee is proposing a recommendation that non-filers can purchase property worth up to 25 million PKR, and if the purchase is the first time, then a non-filer can purchase property worth 50 million PKR. However, FBR is resisting all this recommendation and there is no final conclusion of subcommittee recommendation yet.

The subcommittee will meet again today to finalize the proposed recommendation for the NA Standing Committee on Finance and adjust the bill so that it does not impact the economy in a negative way.