The Federal Board of Revenue (FBR) has announced that future investments in the stock market will require FBR approval, and non-filers will be barred from participating.

This was stated by the FBR Chairman Rashid Langrial during a briefing to the Senate Standing Committee on Finance chaired by Senator Saleem Mandviwalla.

Raising concerns during the session, Senator Shibli Faraz highlighted irregularities in the media sector, alleging that media houses deduct taxes from employees’ salaries but do not deposit them with the FBR.

Representatives of the steel industry also voiced their concerns over the current tariff reforms, warning that the move could lead to the closure of industrial units.

They urged the government to postpone reforms for at least one year.

In response, Finance Minister Mohammed Aurangzeb stated that the reform process in the steel sector will span five years, adding that the prime minister has formed a high-level committee to ensure smooth implementation and resolution of industry concerns.

To provide relief to ordinary citizens, the committee recommended a zero income tax policy for individuals earning up to Rs1.2 million annually.

Supporting the move, Senator Shibli Faraz remarked: “A person earning Rs100,000 monthly effectively has only Rs42,000 left due to inflation. Taxing them is cruel.”

FBR Chairman Langrial also proposed a tax on club income, but the idea was opposed by Chairman Mandviwalla, who argued that elite clubs benefit only around 300 people and do not serve the general public.

Minister of State for Finance Bilal Azhar Kayani clarified that club income would only be taxed if it exceeds expenditures, describing the issue as one concerning the privileged class.

Despite initial reservations, most committee members eventually supported the idea of taxing club revenues.