Islamabad: The Federal Board of Revenue’s (FBR) proposed restrictions on property transactions exceeding PKR10 million for non-filers have lost momentum, as the National Assembly’s Standing Committee on Finance and Revenue has deferred the approval of a key provision in the Tax Laws (Amendment) Bill 2024.
The bill includes Section 114C, which seeks to impose restrictions on economic transactions for non-filers. Under the proposed amendments, individuals would need to prove their eligibility by demonstrating assets worth PKR 10 million to buy a PKR 13 million property. To facilitate this, the FBR plans to develop an online system in collaboration with the National Database and Registration Authority (Nadra) and provincial excise departments, allowing individuals to update their wealth statements voluntarily.
However, the Standing Committee decided to delay approval until the FBR implements the necessary technological framework. As a result, these amendments may now be incorporated into the next federal budget for 2025-26.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
