Tuesday, July 23, 2024
HomePakistanGovernment is considering Block the Bank Accounts of Non-Filers

Government is considering Block the Bank Accounts of Non-Filers

The government Non-Filers plans to impose stiff penalties on those who fail to file tax returns, including freezing their bank accounts and replacing the current 18 percent levy with a sales tax set on imported mobile phones. These amendments are included in Finance Bill 2024 as revised.

An initial draft had a provision to block bank accounts of non-filers but it was not adopted. The government is now reassessing this policy.

Under the scheme, non-filers risk having their bank accounts closed if they ignore tax notices. They will still be able to deposit money into their accounts, but they will not be able to withdraw any money until they are added to the Active Taxpayer List (ATL).

The names of all non-filers will be listed in the Income Tax General Order (ITGO) issued by the Federal Board of Revenue (FBR) to implement it. This list will ensure adherence to tax laws and help in implementing new legislation.

The proposed fixed sales tax on mobile phone imports is aimed at generating stable revenue and streamlining the tax system. The fixed rate, which will replace the variable 18% tax, will help facilitate tax collection and provide more certainty to importers.

These measures are part of the government’s larger plan to raise revenue and improve tax compliance. To establish a more efficient and equitable tax system, the government plans to target non-filers and standardize import duties. The implementation of these rules will be strictly monitored to ensure that the desired results are achieved without undue burden on taxpayers.

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