ISLAMABAD: The National Assembly Standing Committee on Finance on Wednesday approved a diluted version of the Tax Laws (Amendment) Bill 2024, significantly softening the proposed bans on property, car, and stock purchases by non-filers. The committee, chaired by PPPP MNA Syed Naveed Qamar, directed that the revised bill be incorporated into the upcoming Finance Bill 2025 and be passed alongside the federal budget.
Previously, the Federal Board of Revenue (FBR) had proposed stricter rules under Section 114C to bar non-filers—people without sufficient declared resources—from buying high-value assets. However, the committee opted for a broader definition of "eligible persons" and "sufficient resources," making many more people exempt from restrictions.
The amended draft now allows inclusion of assets owned by immediate family members, such as dependent children, to justify purchases. In addition, resources can include local and foreign currencies, gold, stocks, bonds, and other assets. Even barter transactions—such as plot-for-plot deals—are now permitted under the revised rules.
The federal government will now determine the threshold value beyond which the restrictions will apply. Notably, first-time buyers and those purchasing their primary residences will be exempt, aiming to protect lower- and middle-income groups.
The relaxation comes after strong inputs from committee members, including PTI's Usama Mela and MNA Jawed Hanif, who had earlier voiced concerns about the law’s potential to burden common citizens. Hanif noted that “this change will exempt 95% of people, essentially weakening any attempt at true documentation of the economy.”
The bill also exempts non-resident Pakistanis and listed companies from additional disclosure requirements. The FBR’s original plan to enforce real-time declaration systems remains unimplemented, leaving a gap in monitoring and compliance.
Meanwhile, the committee also addressed concerns over the planned privatisation of Zarai Taraqiati Bank Limited (ZTBL). Lawmakers opposed selling the only specialized agricultural bank, arguing it had shown financial recovery and played a crucial role in supporting small farmers. ZTBL President Tahir Yaqoob Bhatti informed the committee that privatisation had halted key IT initiatives and staffing.
Committee Chair Qamar criticized the privatisation listing, saying, “There is no practical chance of selling the bank in the next two years. There's no reason to freeze its essential functions.”
The committee resolved to raise the ZTBL issue in the National Assembly to pressure the government into removing it from the privatisation list.
