New Tax Law Gives FBR Authority to Demand Wealth Statements From Anyone

The Finance Bill 2024 has allowed the Commissioner Federal Board of Revenue (FBR) to demand wealth statements and details of foreign assets from anyone. Amendments in the bill also propose broadening the scope to include individuals or entities ceasing business operations, reported Business Reporter. The new tax laws will help ensure tax compliance and accountability. Additionally, Section 126A, introduced by the Tax Laws (Amendment) Act 2024, now clarifies the valuation for tax matters and extends the transfer date for pending cases from June 16 to September 16, 2024, due to the high volume of cases. It bears mentioning that these regulations have surfaced almost a week after the tax machinery decided to form two Anomaly Committees to rectify its erros in Finance Bill 2024 and remove anomalies in the proposed tax laws for 2024-25.