Now these people in Pakistan will not be able to buy a car, nor will they be able to open a bank account, the government brought the bill

Pakistan Latest News: The Government of Pakistan is adopting new methods to increase its income. Now the Pakistani government has done something which is being discussed a lot. In fact, the Government of Pakistan introduced a bill in the Parliament on Wednesday (18 December 2024), in which a provision has been made to ban people who do not file tax returns from opening bank accounts and buying cars of more than 800 cc.

Finance Minister Muhammad Aurangzeb introduced the Tax Laws (Amendment) Bill, 2024 as part of the government’s measures against tax evaders. It has been proposed in the amendment that those who do not file tax returns will be banned from buying shares beyond a certain limit and opening bank accounts. Such people will not be able to do transactions beyond a certain limit through the bank.

Will not be able to transfer property

The bill states that the bank accounts of businessmen who do not register with the Federal Board of Revenue (FBR) will be frozen and there will be a ban on transferring their assets. FBR will also be able to freeze bank accounts and ban property transfers for non-registration with the concerned body for filing sales tax returns. However, their accounts will be reinstated after two days of registration. The bill states that these restrictions will come into effect after the approval of the federal government.

Pressure to meet the target given to IMF

Let us tell you that this bill has come at a time when the government is struggling to increase revenue collection as per the deal signed with the International Monetary Fund (IMF) in September this year to get a loan package of US $ 7 billion.

Target to raise Rs 12.913 trillion for 2024-25

Pakistan has set a target of raising Rs 12.913 trillion for the financial year 2024-25, which is 40 percent more than the tax collected in the previous financial year. In the first quarter (July-September) of the year, FBR was less by Rs 96 billion as it deposited only Rs 2,556 billion as against Rs 2,652 billion.

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