The Pakistani government is proposing stricter measures to encourage tax compliance through the amended Finance Bill 2024. Here’s a breakdown of the key proposals:
- Frozen Bank Accounts for Non-Filers: The government may block bank accounts of individuals who haven’t filed tax returns. This measure aims to incentivize them to register and fulfill their tax obligations. Where non-filers are not responding to notices, the government may consider a proposal to block bank accounts of non-filers till they appear on the Active Taxpayers List (ATL).
- Fixed Sales Tax on Mobile Phones: The current 18% sales tax on imported mobile phones might be replaced with a fixed amount based on the brand. This could simplify the tax structure for mobile phone imports.
Additional Measures :
- Travel Restrictions: Travel restrictions for non-filers.
- Increased Tax on Bank Profits: Non-filers to face a 35% tax on bank profits, a significant increase from current rates.
- Property Purchase Taxes: Up to 20% tax on property purchases for non-filers could be introduced.
- Mobile Phone Card Taxes: Taxes as high as 75% on mobile phone top-up cards for non-filers are also a potential consideration.
What This Means:
The proposed measures, if implemented, would significantly impact individuals who haven’t filed tax returns. It’s crucial to stay updated on the final amendments to the Finance Bill 2024.
Recommendations:
- File Your Taxes: Ensure you are registered as a taxpayer and file your tax returns to avoid any potential penalties or restrictions.
- Consult a Tax Professional: Consider seeking guidance from a qualified tax advisor to understand your specific tax obligations and navigate the changing regulations.
- Stay Informed: Follow official government channels or credible news sources for updates on the final version of the Finance Bill 2024.
Disclaimer:
This article is based on available information and may not reflect the final amendments to the Finance Bill 2024. It’s recommended to consult the official government websites or a tax professional for the latest details.
