Saturday, June 7, 2025
-Advertisement-

NA Committee Approves Tax Bill Targeting Non-Filers with Strict Restrictions

- Advertisement -

The National Assembly Standing Committee on Finance and Revenue on Wednesday approved the revised Tax Laws (Amendment) Bill, 2024, proposing strict financial restrictions on non-filers starting July 1 under the upcoming Finance Bill 2025-26.

A major amendment in the revised bill removes the valuation threshold for immovable properties owned by non-filers, expanding the scope for enforcement. The committee adopted a subcommittee report that includes key changes recommended by the Federal Board of Revenue (FBR).

- Advertisement -

Among the bill’s central features is Section 114C, which outlines restrictions on economic activity by non-filers. Although its full implementation was previously deferred, the committee has now asked the FBR to demonstrate digital readiness by upgrading and showcasing its online and mobile platforms within two months.

The bill also includes provisions for detecting under-reporting of income and sales through data-matching with bank records. Another change allows the “Federal Government” — instead of just the FBR — to set financial transaction thresholds.

Once enacted, non-filers will be prohibited from:

Purchasing or registering vehicles over 800cc

- Advertisement -

Acquiring high-value property

Making large stock market investments

Opening new bank accounts

Conducting extensive banking transactions

- Advertisement -

They will, however, still be allowed to purchase motorcycles, rickshaws, and tractors. Financial institutions, brokers, and fund managers will also be barred from dealing with non-filers in securities or mutual fund sales.

- Advertisement -

Stay updated with the latest and breaking news directly on your mobile phone by joining Headline PK's WhatsApp group!

 

 

Latest stories

-Advertisement-

Highlights of the Week
Related

Fair Taxation Urged for Ride-Hailing Sector in Upcoming Federal Budget

Calls are growing for the federal government to introduce...

Pakistan to Witness Nearly 7 Million Animal Sacrifices on Eid-ul-Adha

Pakistan is expected to witness the sacrifice of more...

Sindh Govt Bans Qingqi Rickshaws in Karachi, Imposes Heavy Fines Under New Traffic Reforms

Sindh’s Minister for Law and Home Affairs, Ziaul Hassan...
-Advertisement-
Join our Whatsapp Group for Exclusive News!
Join our Whatsapp Group for Exclusive News!