In an important development, a panel of the National Assembly linked on Thursday the approval of legal amendments to prohibit the economic transactions of inelegable persons with the ability of fiscal machinery to develop an independent and credible online platform to determine the real value of people’s assets. The condition occurred one day after the Minister of Finance, Muhammad Aurengzeb, said the government may have to take RS500 billion worth more fiscal measures, if the National Assembly did not approve the law to prohibit economic transactions. The Committee would not approve the amendments related to economic transactions until members are convinced that the Federal Income Board has developed an independent and reliable online platform to assess people’s assets, said the Permanent Committee on Finance President Syed Qamar. The Government has proposed that only those people can buy cars, plots and invest in values that have enough white legal resources declared to buy these assets and maintain bank accounts that the finance minister returned to Iteó on Thursday that the IMF has accepted RS389 billion in collections on account of the improved application in the next fiscal year and that the new legal powers were needed. The Finance Committee of the National Assembly had linked last month the approval of the bill to prohibit economic transactions with the government’s ability to develop a credible online mechanism in which taxpayers can determine and verify independently without harassment by taxpayers. MNA MIRZA IKHTIAR BAIG of PPP raised the issue of first evaluating the credibility of the new platform to ensure that taxpayers are not harassed by the FBR. The Secretary of Finance, Imdad Ullah Bosal, announced before the Committee that the Government decided to give a 50% special relief to all officers of the Armed Forces and 20% to other soldiers, to a measure that recognizes its contributions in defense of the nation. This leads to the total increase in salaries of armed forces at 60% and 30% for other soldiers after incorporating the impact of regular increase in their salaries announced on June 10. The announcement was made before the National Committee of the Finance and Income Assembly that on Thursday began the discussions on the Finance Law 2026, which is the real budget. The Government has granted special allocation of relief equal to 50% of the basic salary scale to officers and 20% to officers and junior commissioned soldiers, said Secretary Finance. The opposition leader in the National Assembly, Omar Ayub Khan, who is also a member of the Permanent Committee, asked about the fiscal impact of special relief.
Taxman said to improve skills
