Islamabad: The Federal Board of Revenue’s (FBR) initiative to impose restrictions on property transactions exceeding Rs10 million for ineligible persons has lost momentum following the suspension of proposed changes to the tax laws.
The National Assembly’s Standing Committee on Finance and Revenues has deferred approval of the Tax Laws Amendment Bill, which was originally set to bring significant changes, including restrictions on large property deals for those who are not tax-compliant. The proposed bill, which would have introduced a mechanism to restrict transactions for ineligible persons, has been put on hold until the FBR develops a new online system for taxpayers to amend their income tax returns or wealth statements to become eligible.
Under the draft amendment, individuals wishing to purchase property worth over Rs10 million would need to demonstrate eligibility by declaring assets matching or exceeding Rs10 million. To facilitate this process, the FBR plans to roll out a new mobile app that would allow individuals to adjust their asset declarations to meet the criteria. The app would work in coordination with the National Database and Registration Authority (Nadra) and provincial excise departments.
However, the approval of this bill has now been postponed, with plans for the system to be developed and reviewed within the next two months. The committee has suggested that these amendments might be included in the finance bill for the fiscal year 2025-26.
Tensions also flared during the committee meeting, when Opposition Leader Omar Ayub staged a boycott of the proceedings, protesting the absence of a PTI Member of National Assembly (MNA) despite a production order. When Panel Chairman Naveed Qamar denied him the opportunity to speak on the matter, Ayub, along with other PTI members, walked out of the session.
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As the deliberations continue, the future of the proposed restrictions remains uncertain, with the FBR required to make technological improvements before any new measures can be implemented.
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