Pakistan Tax Bill: There are continuous reports of economic crisis from India’s neighboring country Pakistan. In this context, a bill has been introduced in the Pakistan Parliament which has surprised everyone. Tax Law (Amendment) Bill or Tax Law (Amendment) Bill has been introduced in the Parliament of Pakistan. There is a provision in this bill presented on Wednesday that taxpayers who do not file tax returns will be banned from opening, operating bank accounts, buying or selling property, and owning a car of more than 800 cc.
Pakistan Finance Minister Mohammad Aurangzeb introduced the bill
Pakistan Finance Minister Mohammad Aurangzeb has presented this tax bill in the Pakistani Parliament on Wednesday. Under this, changes have been suggested in the existing sales and income tax laws in the proposed law, in which an attempt has been made to replace the terminology filer, non-filer with eligible or non-eligible. Through this law, tax evaders will be deprived of many facilities in the country so that tax collection can be increased in Pakistan.
Under this new law, tax authorities will have the power to seal non-compliant businesses. Apart from this, banks will inform the Federal Bureau of Revenue i.e. FBR about high risk individuals.
Know what other things will be banned
It has been proposed in the amendment bill that eligible taxpayers who do not file taxes will not be allowed to buy shares more than a certain limit. Nor will there be permission to open a bank account for this.
It will not be possible to do transactions with banks above a fixed limit.
FBR will have the power to freeze bank accounts and property transfers of non-filers of sales tax with the top collection body, although these accounts will be opened after two days.
After the approval of the federal government, these laws will be implemented in the entire country.
Pakistan Finance Minister Mohammad Aurangzeb has proposed to make necessary changes in tax related laws under the Tax Law (Amendment) Bill 2024. It mainly proposes to make changes in the Sales Tax Act 1990, ICT (Tax on Service) Ordinance 2001 and Income Tax Ordinance 2001.
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