The federal government is expected to merge the tax law bill (amendment), 2024, in the following financing bill (2025-26), which imposes more restrictions on economic transactions for non-pigs, Business registrar I mentioned.
However, the FBR (FBR) has not implemented the necessary technological changes to its online systems to impose the new 114C section of the draft law, which addresses these restrictions.
Rashid Mahmoud Langeral, FBR Chairman, earlier, asked the National Finance Committee for Finance for a period of two months to develop the technological tools required for the implementation of section 114C. In February 2025, the committee postponed the implementation of the department so that FBR could update its systems.
During the session, the former Minister of State for Finance, Ali Berfiz Malik, confirmed that the postponement will not stop FBR’s continuous efforts to document wealthy individuals and other tax declarations of income. He stressed that non -candidates have long been used as a source of revenues without confronting the prosecution, a situation that he could not continue under the country’s tax system.
FBR has access to all data related to non -transferred property transactions and will continue to take action against non -pigs. The committee recommended that FBR show its updated system online before more deliberations in section 114C. FBR agreed to present this demonstration and may review the section as part of the upcoming budget process in June 2025.
Meanwhile, FBR focuses on ensuring that system changes are easy to use and reduce any unintended consequences. The committee also issued instructions to the National Database and Registration Authority (NADRA), regional Al -Makus administrations, and land authorities to help FBR in developing the new system.
The Chairman of the FBR Langial Board of Directors explained that transactions that involve non -resident individuals or public companies will not be subject to restrictions under the Tax Law Bill (amendment). He also urged the revenue department to finish the system via the Internet and present a demonstration to the committee within two months.
