Monday, July 15, 2024

Budget 2024-25: Govt Proposes Travel Restrictions and Penalties for Non-Filers

Pakistan has proposed to restrict the foreign travel of non-filers, with exceptions for those traveling for Hajj, Umrah, or educational purposes, as the country presented its Rs18.9 trillion budget on Wednesday.

According to the Finance Bill, the government has proposed a penalty of Rs10 million for travel agencies that fail to implement the new regulations.

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Finance Minister Muhammad Aurangzeb presented the budget in a National Assembly session amid anti-Nawaz Sharif slogans from the opposition. In his speech, he emphasized the need to digitize the Federal Board of Revenue (FBR) and implement reforms to improve tax collection.

The government has set an ambitious Rs12,970 billion tax revenue target for the FBR, which is 38 percent more than the current fiscal year.

Budget 2024-25: Govt Announces Substantial Hike in Petroleum Levy

The Finance Bill further stated that a repeat offense of non-compliance would result in a fine of Rs20 million.

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It is worth noting that the government had previously made preparations to take action against three million non-filers, including disconnecting their electricity and gas connections. Media reports suggest that the government will enforce these regulations, tightening the noose around tax evaders by leveraging tax laws.

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