Islamabad: Finance Minister Muhammad Aurangzeb presented the Tax Law Amendment Bill 2024-25 in the National Assembly. The bill aims to impose stricter rules on non-filers.
The proposed amendments ban non-filers from buying vehicles above 800cc. They can only purchase motorcycles, rickshaws, and tractors. This move seeks to limit high-value transactions by those outside the tax net.
Limits on Property and Shares
Non-filers will face restrictions on purchasing property or shares exceeding a specified limit. This step aims to control unregistered individuals’ access to high-value assets.
The bill also targets banking transactions. Non-filers will not be able to withdraw large sums from bank accounts. They will face restrictions on the frequency and value of banking transactions.
Unregistered businesses will face significant hurdles. The government plans to freeze bank accounts of non-registered business owners. Such individuals will also be barred from transferring property.
Government Authorized to Confiscate Assets
The bill empowers the government to seize property and businesses owned by non-filers. The Federal Board of Revenue (FBR) will publish a list of individuals subject to these measures.
According to the bill, the restrictions will take effect after the federal government issues a notification. This ensures a structured timeline for enforcement.
Aims to Boost Compliance
The amendments aim to improve tax compliance and reduce tax evasion. The government seeks to increase revenue collection by targeting individuals and businesses outside the tax system.
Finance Minister Aurangzeb emphasized the importance of bringing more individuals into the tax net. He warned that unregistered individuals can no longer evade scrutiny.
Steps Towards Economic Stability
These measures are part of broader reforms to strengthen Pakistan’s economy. The government hopes stricter rules will encourage transparency and accountability in financial transactions.
The introduction of the bill sparked debate among lawmakers. Supporters called it necessary for fiscal discipline. Critics raised concerns about its impact on small businesses and individuals.
The public and business community are expected to respond strongly to the proposed amendments. Analysts believe the measures will push more people to register with the tax system.
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