ISLAMABAD: More details have emerged regarding proposed restrictions on non-filers in Pakistan, as the Federal Board of Revenue (FBR) is targeting limitations on property and vehicle purchases, ARY News reported.
Senate Standing Committee on Finance met with Senator Saleem Mandviwala in chair with the FBR official informing that it is preparing to impose restrictions on non-filers acquiring property and vehicles.
The FBR officials revealed that a cap of 130 percent on property purchases has been suggested for those who do not file income tax returns based on their declared assets.
Senator Mohsin Aziz advocated for raising this limit, suggesting that a non-filer with assets worth Rs 10 million crore should be allowed to purchase property worth up to Rs 50 million.
The standing committee committee has approved a proposal to increase the cap from 130 percent to 500 percent of a non-filer’s declared assets.
Initially, the suggestion was to set a 130 percent cap on property value relative to the assets disclosed by non-filers.
Finance Minister Muhammad Aurangzeb said that penalties for for those who do not file income tax returns were increased last year, and the government is actively working to bring them into the tax net.
Read More: Budget 2025-26: Govt proposes revised tax on cash withdrawal from ATM
Earlier, the FBR is expected to increase the tax-free cash withdrawal limit to Rs. 75,000 from Rs. 50,000 per day for non-filers, under the Finance Bill 2025-26.
Earlier, non-filers were able to withdraw up to Rs. 50,000 without suffering an advance tax charge.
During a briefing to the National Assembly Standing Committee on Finance, FBR authorities proposed that, according to the new cash withdrawal limit, Rs. 75,000 will have a 0.8% withholding tax after withdrawal, raised from the earlier 0.6%. The step aims to promote adherence to tax laws and documentation.
Leave a Comment