Bank accounts of those who do not file ITR will be frozen, why did this situation arise?

Pakistan is in a mood to take strict action against those who do not file ITR. The Pakistan government has introduced a bill in Parliament. It proposes to ban people who do not file tax returns from opening bank accounts and buying cars above 800cc.

Pakistan’s Finance Minister Muhammad Aurangzeb introduced the Tax Laws (Amendment) Bill, 2024 in Parliament on Wednesday. It is being described as one of the actions being taken by the government against tax evaders.

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Bank accounts will be frozen

The amendment proposes that those who do not file ITR will be banned from buying shares above a certain limit and opening bank accounts. They will also not be able to transact more than a certain limit through the bank. The bill states that the bank accounts of non-registered business persons with the Federal Board of Revenue (FBR) will be frozen and they will be banned from transferring property. The FBR can freeze bank accounts and stop property transfers if they do not register with the apex collection body to file sales tax returns. However, their accounts will be unfrozen two days after registration.

There is a struggle to get a loan from the IMF

The bill states that the restrictions will come into effect after the approval of the federal government. The bill comes at a time when the government is struggling to increase revenue collection in accordance with the agreement reached with the International Monetary Fund (IMF) in September this year to obtain a loan package of USD 7 billion. Pakistan has set a target of Rs 12.913 trillion for the financial year 2024-25, which is 40 percent more than the tax collected in the previous fiscal year.

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