Bill
The federal government on Wednesday introduced a significant bill aimed at amending tax laws to tighten restrictions on non-filers.
Titled The Tax Laws (Amendment) Bill, 2024, the legislation, presented by Finance Minister Muhammad Aurangzeb, seeks to impose strict measures on non-filers to enhance tax compliance and broaden the tax base.
One of the key provisions of the proposed bill is the prohibition of non-filers from purchasing cars with an engine capacity above 800cc.
Additionally, non-filers will not be allowed to open bank accounts or buy property beyond a certain financial threshold.
The proposed amendment also bans non-filers from purchasing shares above a specific limit and restricts their ability to conduct transactions through banks beyond a set limit.
The bill further includes a ban on non-filers buying motorcycles, rickshaws, and tractors. To enforce compliance, the government will have the authority to freeze the bank accounts of non-registered businesspersons and restrict their ability to transfer property.
Moreover, the proposed amendments grant the government the power to seal properties and businesses belonging to non-filers.
Another significant provision is the ability of the Federal Board of Revenue (FBR) to freeze the bank accounts of individuals listed as non-filers and block property transfers until they register with the tax collection authority and file their sales tax returns.
However, the bill provides some relief, as frozen accounts will be unfrozen two days after successful registration with the FBR.
These restrictions, as outlined in the legislation, will take effect following approval by the federal government.
In addition to the tax-related proposals, the House witnessed the presentation of a report by the Standing Committee on the National Commission on the Status of Women (Amendment) Bill, 2024.
The amendment seeks to modify the existing National Commission on the Status of Women Act, 2012. Chaudhary Mahmood Bashir Virk presented the report during the session.
The comprehensive set of measures introduced under the proposed tax bill reflects the government’s intent to enforce stricter regulations on non-filers to ensure tax compliance and improve the country’s revenue collection framework.
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