Finance Bill 2024
The Pakistani government is gearing up to introduce significant amendments to the Finance Bill 2024, which include provisions for blocking bank accounts of individuals who have not filed their tax returns, according to a report by Business Recorder.
Initially proposed in the original Finance Bill 2024 but not passed at the time, the measure to freeze the bank accounts of non-filers has been revived and is set to be included in the amended version of the bill.
Under the new provisions, the Federal Board of Revenue (FBR) will issue an income tax general order (ITGO) listing the names of non-filers.
Subsequently, the bank accounts of these individuals will be subject to blocking, preventing them from withdrawing funds until they are included in the Active Taxpayers List (ATL) by filing their tax returns. However, they will still be allowed to deposit money into their accounts.
In addition to targeting non-filers, the amended Finance Bill 2024 will bring changes to the sales tax regime for imported mobile phones. Currently, imported mobile phones are subject to an 18% sales tax rate.
The proposed amendment will replace this with a fixed sales tax amount based on the brand and model of the phone.
These legislative changes are part of the government’s broader strategy to expand the tax base and enhance tax compliance across the country.
By enforcing stricter measures on non-filers and adjusting tax rates on imported goods like mobile phones, authorities aim to boost revenue collection and promote fairness in the taxation system.
The amended Finance Bill 2024 is currently undergoing scrutiny and is expected to be presented soon for parliamentary approval.
These steps signify the government’s commitment to fiscal discipline and effective governance, aiming to strengthen Pakistan’s economic foundations amidst global challenges.
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