ISLAMABAD – A tax law amendment bill regarding restrictions on non-filers has been presented in the National Assembly. The details of the Tax Law Amendment Bill 25-2024, presented in the National Assembly, have been revealed. According to the proposed amendment, non-filers will be prohibited from purchasing vehicles exceeding 800cc, and they will not be allowed to buy property beyond a specific limit. There will also be a ban on purchasing shares beyond a certain threshold. Non-filers will not be able to open bank accounts or conduct banking transactions beyond a specific limit. However, the amendment allows non-filers to purchase motorcycles, rickshaws, and tractors. The proposed amendment also includes provisions for freezing the bank accounts of unregistered businesses, restricting property transfers by unregistered individuals, and authorizing the government to seize property and businesses of such individuals. Accounts of individuals listed by the Federal Board of Revenue (FBR) will be frozen. According to the amendment, bank accounts of those who do not register for sales tax will also be frozen, and they will be prohibited from transferring property. Accounts will be unfrozen two days after sales tax registration, and an appeal can be made to the Chief Commissioner for unfreezing. Additionally, the parents, spouses, and children up to 25 years of age of filers will also be considered filers. These restrictions will come into effect after the notification from the federal government. More from this category Copyright ©2024. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.