Now these people will not be able to buy a car in Pakistan...
The Pakistan government is adopting new ways to increase its income. Now the Pak government has done something which is being discussed a lot. Actually, the pakistan government on wednesday (18 december 2024) introduced a bill in Parliament, which provides for a ban on opening bank accounts of people who do not file tax returns 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. The amendment proposes that those who do not file tax returns will be banned from buying shares above a certain limit and opening a bank account. Such people will not be able to do transactions beyond a certain limit through the bank.
Will not be able to transfer property also
The bill states that the bank accounts of businessmen who do not register with the Federal Board of Revenue (FBR) will be frozen and their property transfer will be banned. The FBR will also be able to freeze bank accounts and ban property transfer if they do not register with the concerned body to file sales tax returns. However, their accounts will be restored two days after registration. The bill states that these restrictions will come into force 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 made 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 to raise Rs 12.913 trillion for the fiscal year 2024-25, which is 40 percent more than the tax collected in the previous fiscal year. In the first quarter of the year (July-September), the FBR fell short by Rs 96 billion as it collected only Rs 2,556 billion against Rs 2,652 billion.
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