By The Federal Board of Revenue (FBR) is ramping up efforts to boost tax compliance through the proposed Tax Laws (Amendment) Bill, 2024. This bill, introduced in the National Assembly, empowers the FBR to impose stringent measures on non-filers.
These include freezing bank accounts of individuals and businesses failing to file tax returns, with accounts remaining blocked until compliance is achieved. Banks will also be prohibited from opening new accounts for non-filers, and existing accounts may face restrictions on withdrawals exceeding specified limits.
Additionally, non-filers will be barred from purchasing or registering motor vehicles over 800cc and transferring immovable property above a certain value. These measures aim to expand the tax net and enforce compliance more effectively.
