The “late-filer” and “non-filer” categories from the Income Tax Ordinance 2001 are going to be eliminated by a new law that the Federal Board of Revenue (FBR) is getting ready to propose.
The draft bill is presently being worked on, according to sources who spoke with Business Recorder. This is because the Lahore High Court is currently reviewing legal objections to the “late-filer” label included in the most recent Finance Act 2024.
Under the proposed legislation, people will have to provide proof of their income when making financial transactions, such as buying a car or a property. The FBR intends to set different criteria and financial restrictions for income source declarations in order to expedite this process.
