Chairman of the Federal Board of Revenue (FBR), Rashid Mahmood Langrial, assured on Tuesday that there will be no tax increase on vehicles up to 800cc. He made this statement during a session of the National Assembly’s Standing Committee on Finance and Revenue, which was reviewing the proposed Tax Laws (Amendment) Bill 2024. The session focused on key issues such as vehicle taxation, digital invoicing, and anti-tax evasion measures.

The FBR is advocating for businesses registered under the Point of Sale (POS) system to adopt digital invoicing, enabling real-time transaction tracking to curb tax evasion. Chairman Langrial also revealed that the FBR has developed an algorithm to detect tax evasion based on turnover, which will be gradually implemented. He clarified that while the system will enhance monitoring, it will not disrupt transactions. Additionally, third-party auditors will be hired to improve revenue collection.

The committee expressed reservations about the recruitment of external auditors, with members questioning why permanent staff could not be hired. In response, the FBR chairman explained that recruiting permanent staff remains a challenge due to procedural constraints.

The session also included a debate on a proposal to restrict stock market investments, with concerns raised over how even students were able to make small investments. Chairman Langrial sought the committee’s guidance on this matter, emphasizing the need for clear policies.

Discussions concluded with stricter asset declaration requirements for property buyers and the role of government officials in enforcing tax compliance. The committee’s deliberations highlighted the government’s ongoing efforts to enhance transparency and improve tax collection mechanisms.