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).
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
Acquiring high-value property
Making large stock market investments
Opening new bank accounts
Conducting extensive banking transactions
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.