ISLAMABAD: The Pakistan authorities on Wednesday launched a invoice within the parliament to ban individuals who don’t file their tax returns from opening financial institution accounts and buying vehicles above 800cc. Finance Minister Muhammad Aurangzeb moved the Tax Legal guidelines (Modification) Invoice, 2024, as a part of the federal government’s measures in opposition to tax evaders.
The modification proposed that non-filers could be banned from buying shares above a sure restrict and opening a checking account. They won’t be able to make transactions by a financial institution past a sure restrict.
The invoice states that financial institution accounts of non-registered enterprise individuals with the Federal Board of Income (FBR) will probably be frozen and they are going to be banned from transferring property.
The FBR may also have the ability to freeze financial institution accounts and bar property switch over failure to register with the highest assortment physique for submitting gross sales tax returns. Nevertheless, their accounts will probably be unfrozen two days after they register.
The invoice states that the restrictions will come into impact following the approval of the federal authorities. The invoice comes as the federal government struggles to extend income assortment as per the deal made with the Worldwide Financial Fund (IMF) in September this yr to get a USD 7 billion mortgage bundle.
Pakistan set a Rs 12.913 trillion goal for the fiscal yr 2024-25, a 40 per cent enhance from the tax collected within the earlier fiscal yr. The FBR fell wanting Rs 96 billion within the first quarter (July-September) of the yr because it collected Rs 2,556 billion in opposition to Rs 2,652 billion.
