Islamabad: The Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, has approved the Tax Laws (Amendment) Bill 2024, introducing significant measures to curb tax evasion and enhance compliance.
Under the proposed bill, non-compliant taxpayers, or non-filers, will be restricted from purchasing luxury vehicles, real estate, and shares. Additionally, they will face limitations on opening bank accounts.
Chairman of the Federal Board of Revenue (FBR), Rashid Mahmood Langrial, assured that the amendments would not impact 95% of the population. The committee endorsed provisions requiring non-filers to prove their financial capability before major purchases and share income details in tax returns.
Key Approvals:
- Restrictions on non-filers from buying large vehicles, opening bank accounts, or acquiring property.
- Sharing high-risk individuals’ data with banks.
- Allowing unregistered individuals to operate basic accounts.
Langrial emphasized the FBR’s commitment to modernizing its operations and addressing the tax gap, which exceeds PKR 7 trillion. He highlighted that the tax system is being reinforced with advanced tools, and notices have been issued to 1.9 million individuals, leading to increased tax compliance.
