Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial on Tuesday assured that there will be no tax increase on vehicles up to 800cc.
He disclosed this during a session of the National Assembly’s Standing Committee on Finance and Revenue on the proposed Tax Laws (Amendment) Bill 2024, with key discussions focusing on taxation policies for vehicles, digital invoicing, and anti-tax evasion measures.
FBR is pushing for businesses registered under the Point of Sale (POS) system to shift to digital invoicing by enabling real-time transaction tracking.
The committee debated a proposal to restrict stock market investments. The committee shared reservations over how even students were able to make small investments. Chairman FBR sought the committee’s guidance on this matter.
FBR Chairman said the regulator has now developed an algorithm to detect tax evasion based on turnover, which will be gradually implemented. He clarified that transactions would not be stopped. The chairman said third-party auditors will be hired to boost revenue collection.
The committee didn’t like the idea of outside recruitment, to which the chairman explained that it was challenging to recruit permanent staff.
The meeting concluded with discussions on stricter asset declaration requirements for property buyers and the role of government officials in tax enforcement.
