Senate Agreed with FBR to increase the limit of Property Purchase for Non filer

It is reported that the Senate rejected the proposal of the FBR to stop property purchases by non-filers, and such a proposal could impact the finances of the common person. The Senate was of the view that such a proposal could damage countries' purchasing power, including stopping financial processes as well, which will damage the country as well. The Senate Chair of the Finance Committee stated early this year when these proposals came as Tax Amendment 2024 that he was of the view that the FBR proposal would impact the common person and such limitations and harsh measures are not implemented anywhere in the world. 

However, the FBR came with a proposal early this year that the FBR is going to allow property transactions up to PKR 10 million; however, the Senate still did not agree to it because the Senate was of the view that a 10 million PKR property transaction is such a small scale as the Pakistani rupee is devalued against the PKR. Therefore, the Senate Committee on Finance was of the view that the FBR needs to come up with a proper solution, as everyone cannot become a sudden filer overnight, as some transactions are like life or death matters. 

Therefore, the Senate Committee on Finance rejected those proposals of the FBR at the time because they could not develop the app to simplify the process so that a person could easily declare their wealth statement so that he or she could purchase property. FBR assured the committee that his team would make an app within 2 months; however, there are no reports on it or any updates. Moreover, the FBR came up with a new proposal that would allow non-filers to purchase property up to 50 million PKR, and the Senate agreed to this measure.