Filers bound to disclose domestic and foreign assets in their returns: FBR suggests in Finance Bill

The Federal Bureau of Revenue (FBR) has suggested several amendments in the tax returns process in Finance Bill 2024-25, reported 24NewsHD TV channel.

The FBR has suggested that non-filers should be given one chance to file returns before abroad traveling. The students and non-filers will be able to go for Hajj as well as Umrah without filing tax returns.

The double withholding rate will not apply to persons who had filed returns in the last 3 years. While the filers will be required to disclose domestic assets as well as foreign assets in their returns.

The FBR suggested that if a wife was dependent on the husband, then the man would be obliged to declare the assets in the financial statements. And if the wife is independent, she will be able to file her separate returns.

The government has extended the period for referral of cases pending before the Commissioner FBR to the Tribunal. Earlier, the Commissioner was bound to transfer appeals cases by September 2024. Now Commissioner Appeals will be bound to transfer FBR cases till December 2024. Now onward, FBR will not be able to issue a 100 percent tax exemption certificate to any company from the next financial year.