The government introduced the “Tax Laws (Amendment) Bill, 2024” in the National Assembly on Wednesday, aiming to further crack down on non-filers and generate financial resources for economic growth. Finance Minister Muhammad Aurangzeb presented the bill, which was referred to the Standing Committee on Finance and Revenue for further review.
The bill proposes several measures to target non-filers, including banning them from purchasing or registering vehicles over 800cc, acquiring property beyond a set limit, and making stock market purchases above a certain threshold. Non-filers will also be restricted from opening new bank accounts and limited in the number of banking transactions they can make. However, they will still be allowed to purchase motorcycles, rickshaws, and tractors.
Additionally, the bill empowers banks and financial institutions to block accounts of individuals who fail to register for taxes. Once they register, their bank accounts will be unblocked within two working days. The bill also allows property transactions to be halted for non-registered individuals, with the Federal Board of Revenue (FBR) releasing a list of such people and freezing their accounts. Non-registered businesses will have their bank accounts frozen, and the government will have the authority to seize their property.
The Chief Commissioner Inland Revenue will have the authority to seal business premises, seize assets, or appoint a receiver to manage a non-registered person’s taxable activity. Individuals will be able to appeal to the Chief Commissioner to unfreeze their accounts once they are registered.
The bill also clarifies that family members of tax filers, including children up to 25 years old and spouses, will be considered filers for the purposes of this legislation.
In related news, the National Assembly passed the “National Forensics Agency Bill, 2024,” which aims to enhance forensic capabilities across the country. The bill, introduced by Interior Minister Mohsin Naqvi, focuses on upgrading forensic labs, creating a digital forensic lab, and developing a research and development center to reduce dependency on foreign agencies. The agency will also work on combating cybercrime, including issues related to electronic devices and deep fakes.
