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Economy

Govt decides to provide a chance to non-filers to become filers in 2024-25

ISLAMABAD: The government has proposed amendments to the Finance Bill 2024 to provide non-filers of tax returns an opportunity to comply before facing penalties, such as SIM card deactivation or travel bans.

These amendments address provisions concerning non-filers, wealth statements, foreign assets, and withholding taxes.

Following recommendations from the Senate Finance Committee, the government decided to allow non-filers a chance to submit their tax returns before implementing the travel ban initially suggested by the Federal Board of Revenue (FBR). Previously, the bill proposed prohibiting non-filers from traveling abroad.

Under the new amendments, non-filers will be permitted to travel for Umrah or Hajj pilgrimages, and students will be exempted from the requirement to file tax returns.

To clarify the process, the proposed amendment states: “For the removal of doubt, it is clarified that a reference against the order of the Commissioner (Appeals), received after the date of commencement of the Tax Laws (Amendment) Act, 2024, where the value of the assessment or refund exceeds twenty million rupees, shall lie before the High Court notwithstanding the proceedings pending prior to the commencement of the said Act.”

Sources reveal that the FBR has included an explanation in the Finance Bill, stating that a spouse’s assets will only be included in an individual’s wealth statement if the spouse is considered a dependent.

Additionally, the FBR has proposed transferring cases from the Commissioner of Appeals within the FBR to the Appellate Tribunal.

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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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