ISLAMABAD – The Federal Board of Revenue (FBR) now aims at blocking the current and savings accounts of non-filers in order to tighten noose around them.
Last week, the Senate Standing Committee on Finance and Revenue unanimously recommended the “Tax Laws (Amendment Bill), 2024” which proposes various restrictions on non-filers and plug loopholes in the tax system.
The proposed amendment empowers FBR officials to block both savings and current accounts of non-filers.
As per the amendment, banks will not be allowed to open or maintain an already opened current or a saving bank of the ineligible persons. They will only be allowed to operate Asaan account and withdraw amount exceeding the limit to be notified by FBR.
Furthermore, to top tax authority and banks will chalk out a plan to set a transaction threshold based on the declared income of the applicant against CNIC. The measure will help trace those whose transactions did not match theoir declared income.
“a banking company shall – (i) not open or maintain an already opened current or a saving bank or investor portfolio securities account, except Asaan account, in the name of such persons as may be notified by the Board, (ii) not allow cash withdrawal from any of the bank accounts of any person, exceeding the amount as may be notified by the Board from time to time; (2) The provisions of sub-section (1) shall not apply to (a) purchase of rickshaws or motorcycle rickshaws or tractors; (b) purchase of a pick-up vehicle having engine capacity up to 800cc; (c) purchase of such motor vehicles other than those mentioned in clauses (a) and (b), trucks and buses subject to restrictions and limitations as may be notified by the Board from time to time,” read the proposed amendment.
Furthermore, non-filers would required to declare their source of income before making major buyings such as vehicles, properties, or investments in securities.
Non-Filers in Pakistan to face Ban on buying vehicles over 800cc; details inside
