{"id":100080,"date":"2024-10-21T10:40:31","date_gmt":"2024-10-21T05:40:31","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=100080"},"modified":"2024-10-21T10:40:34","modified_gmt":"2024-10-21T05:40:34","slug":"fbr-to-eliminate-late-filers-non-filers-category","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-to-eliminate-late-filers-non-filers-category.html","title":{"rendered":"FBR draft in making to eliminate categories of &#8216;late filers, &#8216;non-filers&#8217;"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Islamabad: The Federal Board of Revenue (FBR) is in the process of drafting a new law aimed at eliminating the categories of \u201clate-filers\u201d and \u201cnon-filers\u201d from the Income Tax Ordinance 2001, as reported on October 21.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/one-month-extension-on-fbr-affidavit-submission.html\" target=\"_blank\" rel=\"noreferrer noopener\">Exporters get one-month extension on FBR affidavit submission \u2003<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to sources, the draft bill is being prepared to streamline the tax filing system by removing both concepts, which have often been points of contention. The \u201clate-filer\u201d category, introduced through the Finance Act 2024, is already being challenged in the Lahore High Court. Under the new law, all individuals involved in financial transactions such as purchasing properties or vehicles will be required to justify their sources of income. The law will establish specific monetary limits and thresholds for income justification.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a significant move, the proposed legislation will ease compliance for families. If an individual is a filer and can justify their income sources, their family members: including a spouse, parents, and children under 25\u2014will not be required to file tax returns for financial transactions. However, the filer will be responsible for declaring the source of income for these transactions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-grants-one-month-extension-exporters.html\" target=\"_blank\" rel=\"noreferrer noopener\">Exporters get one-month extension on FBR affidavit submission<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The new law is expected to simplify transactions for the general public. For instance, individuals will be allowed to purchase motorcycles and vehicles up to 1300cc without declaring income sources, while property transactions up to PKR 10 million will also be exempt from source declaration. However, larger transactions, such as high-value property deals, will still require income justification based on market value and financial resources. To further facilitate taxpayers, the FBR will introduce a mobile app for resource declaration, allowing users to input income details without needing a certificate of exemption from the Commissioner. This app will streamline the process, ensuring compliance is easier and more accessible for the public.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/wealthiest-5-avoid-taxes-fbr-chairman.html\">Wealthiest 5% avoid <\/a><a href=\"https:\/\/www.zameen.com\/news\/wealthiest-5-avoid-taxes-fbr-chairman.html\" target=\"_blank\" rel=\"noreferrer noopener\">taxes, amnesty schemes u<\/a><a href=\"https:\/\/www.zameen.com\/news\/wealthiest-5-avoid-taxes-fbr-chairman.html\">ndermine system: Chairman FBR<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moreover, the proposed law will implement disincentives for non-compliant taxpayers by linking access to facilities such as investments and bank accounts with tax filing compliance. Monetary transactions will be restricted unless the source of funds is declared through digital interventions. Banks will also play a key role in this new system. The FBR will provide financial institutions with data on individuals&#8217; declared incomes, and any financing transactions above set thresholds will be automatically reported to the tax authority. This system is expected to roll out in the coming months as part of the government&#8217;s broader effort to enhance transparency and compliance in Pakistan&#8217;s tax system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) is in the process of drafting a new law aimed at eliminating the categories of \u201clate-filers\u201d and \u201cnon-filers\u201d from the Income Tax Ordinance 2001, as reported on October 21. Read: Exporters get one-month extension on FBR affidavit submission \u2003 According to sources, the draft bill is being prepared to streamline the tax filing system by removing both concepts, which have often been points of contention. The \u201clate-filer\u201d category, introduced through the Finance Act 2024, is already being challenged in the Lahore High Court. Under the new law, all individuals involved in financial transactions such as purchasing properties or vehicles will be required to justify their sources of income. The law will establish specific monetary limits and thresholds for income justification. In a significant move, the proposed legislation will ease compliance for families. If an individual is a filer and can justify their income sources, their family members: including a spouse, parents, and children under 25\u2014will not be required to file tax returns for financial transactions. However, the filer will be responsible for declaring the source of income for these transactions. Read: Exporters get one-month extension on FBR affidavit submission The new law is&hellip;<\/p>\n","protected":false},"author":89,"featured_media":99068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[3362,3193,59077,59846,59510,54568],"persona":[],"class_list":["post-100080","post","type-post","status-publish","format-standard","has-post-thumbnail","category-legal-taxation","tag-fbr","tag-federal-board-of-revenue","tag-finance-act-2024","tag-late-filers-and-non-filers","tag-tax-news-and-updates","tag-zameen-news","cat-15015-id"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR to Eliminate Late Filers, Non-Filers Category- Zameen News<\/title>\n<meta name=\"description\" content=\"FBR drafting new law to eliminate &quot;late-filers&quot; and &quot;non-filers,&quot; simplifying income justification for transactions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-to-eliminate-late-filers-non-filers-category.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR to Eliminate Late Filers, Non-Filers Category- Zameen News\" \/>\n<meta property=\"og:description\" content=\"FBR drafting new law to eliminate &quot;late-filers&quot; and &quot;non-filers,&quot; simplifying income justification for transactions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-to-eliminate-late-filers-non-filers-category.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-21T05:40:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-21T05:40:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2024\/09\/FBR_news-cover.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sabahat Abid\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sabahat Abid\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FBR to Eliminate Late Filers, Non-Filers Category- Zameen News","description":"FBR drafting new law to eliminate \"late-filers\" and \"non-filers,\" simplifying income justification for transactions.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/fbr-to-eliminate-late-filers-non-filers-category.html","og_locale":"en_US","og_type":"article","og_title":"FBR to Eliminate Late Filers, Non-Filers Category- Zameen News","og_description":"FBR drafting new law to eliminate \"late-filers\" and \"non-filers,\" simplifying income justification for transactions.","og_url":"https:\/\/www.zameen.com\/news\/fbr-to-eliminate-late-filers-non-filers-category.html","og_site_name":"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News","article_publisher":"https:\/\/www.facebook.com\/ZameenPK","article_published_time":"2024-10-21T05:40:31+00:00","article_modified_time":"2024-10-21T05:40:34+00:00","og_image":[{"width":1170,"height":400,"url":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2024\/09\/FBR_news-cover.jpg","type":"image\/jpeg"}],"author":"Sabahat Abid","twitter_card":"summary_large_image","twitter_creator":"@ZameenProperty","twitter_site":"@ZameenProperty","twitter_misc":{"Written by":"Sabahat Abid","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.zameen.com\/news\/fbr-to-eliminate-late-filers-non-filers-category.html#article","isPartOf":{"@id":"https:\/\/www.zameen.com\/news\/fbr-to-eliminate-late-filers-non-filers-category.html"},"author":{"name":"Sabahat Abid","@id":"https:\/\/www.zameen.com\/news\/#\/schema\/person\/9db4ad198b0b2ddbc236f324bdebea86"},"headline":"FBR draft in making to eliminate categories of &#8216;late filers, &#8216;non-filers&#8217;","datePublished":"2024-10-21T05:40:31+00:00","dateModified":"2024-10-21T05:40:34+00:00","mainEntityOfPage":{"@id":"https:\/\/www.zameen.com\/news\/fbr-to-eliminate-late-filers-non-filers-category.html"},"wordCount":430,"commentCount":0,"publisher":{"@id":"https:\/\/www.zameen.com\/news\/#organization"},"image":{"@id":"https:\/\/www.zameen.com\/news\/fbr-to-eliminate-late-filers-non-filers-category.html#primaryimage"},"thumbnailUrl":"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2024\/09\/FBR_news-cover.jpg","keywords":["FBR","Federal Board of Revenue","Finance ACt 2024","late filers and non filers","tax news and updates","Zameen news"],"articleSection":["Legal &amp; 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