Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial stated on Tuesday that there will be no increase in taxes for vehicles with an engine capacity of up to 800 cc.
This announcement was made during a meeting of the National Assembly Standing Committee on Finance and Revenue, where significant discussions took place regarding the proposed Tax Laws (Amendment) Bill 2024, focusing on tax policies for vehicles, the implementation of digital invoicing, and strategies to address tax evasion.
The FBR is encouraging businesses registered under the Point of Sale (POS) system to adopt digital invoicing to facilitate real-time tracking of transactions. Additionally, the chairman noted that a sales tax will be imposed on services in Islamabad.
The committee also deliberated on a proposal to limit investments in the stock market, expressing concerns about the ability of even students to make minor investments. The FBR chairman requested the committee’s insights on this issue.
Furthermore, the chairman indicated that the FBR has developed an algorithm designed to identify tax evasion based on turnover, which will be implemented in phases. He assured that transactions would not be halted. To improve revenue collection, the chairman mentioned that third-party auditors would be engaged.
The committee expressed reservations regarding the concept of external recruitment, to which the chairman responded that hiring permanent staff poses significant challenges.
