The committee discussed the proposal to restrict investment in the stock market.
FBR Chairman Assures No Tax Hike on Vehicles Under 800cc, Discusses Key Tax Reforms. Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial on Tuesday assured that no tax will be increased on vehicles up to 800 cc.
He disclosed this during the meeting of the National Assembly Standing Committee on Finance and Revenue on the proposed Tax Laws (Amendment) Bill 2024, in which important discussions were held on tax policies for vehicles, digital invoicing, and measures to combat tax evasion.
The FBR is urging businesses registered under the Point of Sale (POS) system to move towards digital invoicing by enabling real-time transaction tracking. Moreover, sales tax will be levied on services in Islamabad, the chairman added.
The committee discussed the proposal to restrict investment in the stock market. The committee expressed concerns over how even students were able to make small investments. The FBR chairman sought guidance from the committee on the matter.
The FBR chairman said the regulator has now developed an algorithm to detect tax evasion based on turnover, which will be implemented gradually. He clarified that transactions will not be stopped. The chairman said that the services of third-party auditors will be hired to enhance revenue collection.
The committee did not like the idea of external recruitment, to which the chairman explained that it was difficult to recruit permanent staff.
The meeting concluded with a discussion on the stringent asset declaration requirements for property buyers and the role of government officials in tax enforcement.
