The government is set to implement stricter measures against non-filers, imposing a ban on several financial and property-related activities. Non-filers will be prohibited from purchasing vehicles over 800cc, opening bank accounts, and engaging in property transactions. In addition, businesses and properties may be sealed if individuals fail to complete tax registration.
Finance Minister Muhammad Aurangzeb has introduced the Revenue Amendment Bill 2024 in the National Assembly. The proposed amendments seek to limit individuals who do not file taxes from acquiring shares over a designated amount, establishing bank accounts, and conducting transactions that exceed particular thresholds.
The bill stipulates that bank accounts of non-registered business owners with the Federal Board of Revenue (FBR) will be frozen. Individuals who do not complete their registration will face restrictions on property transfers. Moreover, companies could encounter the risk of having their assets confiscated should they fail to adhere to tax registration mandates.
Key Points of the Bill:
- Non-filers will be banned from purchasing vehicles over 800cc.
- Non-filers will be restricted from buying property above a specific value.
- Share purchases beyond a defined threshold will be prohibited for non-filers.
- Opening bank accounts will be forbidden for non-filers.
- Banking transactions will be limited for non-filers.
However, non-filers will still be permitted to buy motorcycles, rickshaws, and tractors.
For unregistered businesses:
- Bank accounts of unregistered business owners will be frozen.
- Property transfers will be blocked for unregistered individuals.
- The government can seal the properties and businesses of non-registered individuals.
- The FBR will publish a list of individuals whose accounts will be frozen.
These restrictions will take effect after a notification from the federal government. Moreover, family members of a filer, including parents, spouses, and children who are 25 years old or younger, will also be recognized as applicants.
The bill has been referred to the Finance Committee of the National Assembly for further review.
