ISLAMABAD: The Federal Board of Revenue (FBR) has dismissed proposals for a tax amnesty that would allow individuals to purchase high-value properties without disclosing their income sources, The News reported.
During a National Assembly Sub-Committee on Finance and Revenues meeting, chaired by MNA Bilal Azhar Kiani, Hassan Bakhshi from the Association of Builders and Developers of Pakistan (Abad) suggested amendments to the Tax Laws Amendment Bill 2024. Abad proposed that non-filers be permitted to buy properties worth up to Rs25 million, a revision from their earlier demand of Rs50 million.
At one point, an Abad representative threatened to boycott the proceedings but was instructed to speak with the chair’s permission.
An FBR official clarified that tax amnesties could not be granted. Under the proposed amendments, individuals could only purchase properties worth less than Rs10 million without proof of declared income. Those looking to buy properties exceeding Rs10 million must show declared assets in their tax filings.
To facilitate compliance, the FBR plans to introduce an app allowing voluntary amendments to tax returns, ensuring buyers meet eligibility criteria.
The sub-committee was unable to finalize its recommendations and will reconvene on Friday to draft its proposals for the full NA Standing Committee on Finance.
