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 strategies to improve its revenue. Now the Pakistani government has accomplished one thing which is being mentioned a lot. In reality, the Government of Pakistan launched 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 shopping for automobiles of greater than 800 cc.

Finance Minister Muhammad Aurangzeb launched the Tax Laws (Amendment) Bill, 2024 as a part of the government’s measures in opposition to tax evaders. It has been proposed in the modification that those that do not file tax returns will be banned from shopping for shares past a sure restrict and opening bank accounts. Such people will not be able to do transactions past a sure restrict by way of the bank.

Will not be able to switch 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 property. FBR will additionally be able to freeze bank accounts and ban property transfers for non-registration with the involved physique for submitting gross sales tax returns. However, their accounts will be reinstated after two days of registration. The bill states that these restrictions will come into impact after the approval of the federal government.

Pressure to meet the goal given to IMF

Let us let you know that this bill has come at a time when the government is struggling to improve income assortment as per the deal signed with the International Monetary Fund (IMF) in September this yr to get a mortgage package deal of US $ 7 billion.

Target to elevate Rs 12.913 trillion for 2024-25

Pakistan has set a goal of elevating Rs 12.913 trillion for the monetary yr 2024-25, which is 40 % greater than the tax collected in the earlier monetary yr. In the first quarter (July-September) of the yr, FBR was much less by Rs 96 billion because it deposited solely Rs 2,556 billion as in opposition to Rs 2,652 billion.

learn this additionally

Big revelation, Bashar al-Assad had given secret data to Israel earlier than escaping, know why he joined arms with the enemy nation