New Laws Ready to Restrict Non-Filers from Buying Cars, Property, Stocks

The National Assembly Standing Committee on Finance will discuss the Tax Laws (Amendment) Bill, 2024 on Tuesday. The proposed legislation aims to restrict non-filers from purchasing, booking, or registering vehicles over 800cc, acquiring property, and buying stocks. The withdrawal of higher withholding tax (WHT) rates for non-filers will not be immediate. Instead, this change will be implemented gradually in the 2025-26 fiscal year budget. Under the bill, non-filers will also face restrictions on opening bank accounts and conducting multiple transactions. Their ability to purchase motorcycles, rickshaws, and tractors will remain unaffected. Financial institutions will be directed to freeze accounts and block property transfers of unregistered individuals, though accounts may be unfrozen within two days of registration for sales tax. The Federal Board of Revenue (FBR) will have the authority to release a list of non-registered individuals, seize their properties, and enforce compliance measures, such as sealing business premises and appointing receivers for management. Parents, spouses, and children under 25 years of registered filers will automatically qualify as filers. The bill will be implemented after a federal government notification.