FBR to Ban Non-Filers from Buying Cars, Property, and Using Bank Accounts
The Pakistani government is going to introduce new rules that would bar non-filers. As per the new changes, non-filers will not be able to, purchase cars above 800cc, open bank accounts, or purchase or transfer property. Even businesses and properties may be sealed if tax registration is not completed.
The Revenue Amendment Bill 2024 was presented by the Finance Minister, Muhammad Aurangzeb, in the National Assembly. The main points of the bill are discussed below:
Car Sales: Non-filers will not be able to, buy cars with an engine capacity of more than 800cc.
Property: The limit on the property. to be bought by non-filers has been set.
Stock Market: Non-filers will not be able to, purchase shares over a specific amount.
Bank Account Restrictions: Non-filers will not be able to, open bank accounts or make transactions above a certain limit.
Exceptions: Non-filers can buy motorcycles, rickshaws, and tractors
For businesses that are not registered for tax:
Bank Account Freezing: Bank accounts of unregistered business owners would be frozen.
Property Transfer Ban: Unregistered persons cannot transfer property.
Sealing of Businesses: The government will seal properties and businesses owned by unregistered persons.
The FBR will issue the list of persons whose account will be frozen. These restrictions will come into effect automatically after a notification from the federal government/
How It Works;
Bank accounts will be frozed. for not registering at sales tax.
Property transaction. will be barred for unregistered persons at sales tax.
Account can be operative within two days after one gets registered. at sales tax.
If your account. is frozen, you can appeal to the Chief Commissioner for restoration.
In addition, parents, spouse, and children of a filer till. age 25 will be treated as filers under these rules also
The bill has been placed before the National Assembly Finance Committee for further deliberations.
