Pakistan, Feb. 12 -- The Federal Board of Revenue's (FBR) plan to impose restrictions on property transactions exceeding Rs10 million for ineligible individuals has lost momentum after proposed amendments to tax laws were halted.

Now, the Tax Laws Amendment Bill will be reviewed by the National Assembly's Standing Committee on Finance and Revenues after two months, once the FBR develops an online system enabling voluntary modifications in filed income tax returns or wealth statements-allowing individuals to transition from ineligible to eligible status. Under the proposed amendment, buyers must prove their financial worth of at least Rs10 million to purchase a Rs13 million property.

To facilitate this, the FBR will introduce an app enab...