Islamabad, Dec 18: The government is set to impose stricter measures on non-filers with the introduction of the Revenue Amendment Bill 2024. Key provisions of the bill, presented by Finance Minister Muhammad Aurangzeb, include:
- Restrictions for Non-Filers:
- Vehicle Purchases: Non-filers will be prohibited from buying vehicles over 800cc.
- Property Transactions: Non-filers will face restrictions on purchasing or transferring property above a certain value.
- Banking: Non-filers will be unable to open bank accounts or conduct banking transactions beyond a specified limit.
- Stock Market: They will also be restricted from purchasing shares above a certain threshold.
- However, they will still be allowed to purchase motorcycles, rickshaws, and tractors.
- Impact on Unregistered Businesses:
- Bank Accounts: Bank accounts of unregistered business owners will be frozen.
- Property Transfers: Unregistered individuals will not be allowed to transfer property.
- Sealing of Properties: The government will have the authority to seal the businesses and properties of unregistered individuals.
- The Federal Board of Revenue (FBR) will publish a list of individuals whose accounts will be frozen.
- Sales Tax Registration:
- Non-filers who fail to register for sales tax will face the freezing of their accounts and restrictions on property transfers.
- Accounts will be restored two days after registration for sales tax.
- Individuals can appeal account restorations to the Chief Commissioner.
- Family Provisions:
- Parents, spouses, and children (up to 25 years old) of a filer will also be considered filers for the purposes of these regulations.
The bill has been referred to the National Assembly Finance Committee for further review, with implementation pending a notification from the federal government.
