In an announcement for non-filers, the government has proposed key changes to the upcoming Finance Bill. This follows recommendations from the Senate Finance Committee.

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One of the most significant changes is the opportunity for non-filers to submit tax returns before traveling abroad. This replaces the initial proposal to completely ban non-filers from international travel. However, exemptions remain for those traveling for religious purposes like Umrah and Hajj, as well as for students.

The government is also aiming for greater transparency regarding foreign assets. By adding “foreign assets” to a specific section (Section 116), taxpayers will be required to declare them in their tax returns, eliminating past confusion on this matter.

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Finally, the timeframe for transferring cases from Commissioner (Appeals) FBR to the Income Tax Tribunal has been extended. Initially set for September 2024, the new proposal suggests a December 2024 deadline, allowing for a smoother transition.

These changes represent a shift towards tax relief for non-filers and a commitment to more transparent regulations for foreign assets and cash transfers.

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