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The Senate Standing Committee on Finance has approved the Tax Laws (Amendment) Bill 2024. Under the new amendments, non-compliant tax filers will be prohibited from purchasing luxury vehicles, properties, and bungalows. They will also face restrictions on opening bank accounts and purchasing shares.
Chairman of the Federal Board of Revenue (FBR) stated that 95% of the population will not be affected by these changes to the tax laws.
The meeting of the Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, deliberated on the Tax Laws (Amendment) Bill 2024. The committee approved clauses mandating tax auditors and experts to keep taxpayers’ data confidential. It also endorsed restrictions on non-compliant filers, barring them from purchasing large vehicles, opening bank accounts, and buying shares. Additionally, a clause restricting the purchase of properties by non-compliant filers was approved.
The committee approved the sharing of high-risk individuals’ data with banks and imposed restrictions on current and savings accounts for non-compliant filers. However, unregistered individuals will be permitted to operate basic bank accounts.
The FBR Chairman explained that individuals in question would need to demonstrate financial capability before making such purchases. They would be required to declare their sources of income in their tax returns before proceeding with any acquisition.
Senator Mohsin Aziz criticized the policy, arguing that the FBR, under this law, is encouraging a cash-based economy. He suggested imposing a ban on Rs. 5,000 currency notes to counter this issue.
