Islamabad: The Government of Pakistan has introduced the Revenue Amendment Bill 2024, tightening restrictions on non-filers to ensure tax compliance, as revealed in a news source on December 18.
According to the details, resented by Finance Minister Muhammad Aurangzeb in the National Assembly, the proposed measures include limitations on property, vehicle purchases, and banking transactions.
Key provisions for Non-Filers:
Vehicle Purchase: Non-filers will be barred from purchasing vehicles exceeding 800cc.
Property and Shares: Restrictions will apply to purchasing property and shares beyond specified limits.
Banking Restrictions: Non-filers will be prohibited from opening bank accounts or conducting transactions above a certain threshold.
Exceptions: Non-filers can purchase motorcycles, rickshaws, and tractors.
Measures for unregistered businesses:
Bank accounts of unregistered business owners may be frozen.
Unregistered individuals will be barred from transferring property.
Authorities will be able to seal businesses and properties of those failing to register for sales tax.
The FBR will release a list of individuals whose accounts will be frozen.
Conditions for account restoration:
Accounts will be unfrozen within two days of sales tax registration.
Appeals for account restoration can be submitted to the Chief Commissioner.
The bill also clarifies that the spouse, parents, and children (up to 25 years of age) of a tax filer will automatically be treated as filers. The bill has been referred to the National Assembly Finance Committee for further review. The proposed measures will take effect following a formal notification from the federal government.
As a graduate in English Literature, Zohaib believes that words are not just a mere figment of imagination. It takes wisdom to be good at them. Following this reason, he is pursuing his career as Public Relations and Content Specialist at Zameen.com.
