Daily Times

The federal government on Wednesday introduced a bill aimed at amending tax laws, seeking to bar non-filers from purchasing cars above 800cc and opening bank account.

The proposed amendment titled The Tax Laws (Amendment) Bill, 2024, introduced by Finance Minister Muhammad Aurangzeb, proposes that non-filers will not be allowed to buy property beyond a certain limit.

The amendment also proposed that non-filers will be banned from purchasing shares above a certain limit and won’t be allowed to open a bank account. According to the bill, non-filers will not be able to make transactions through a bank beyond a certain limit and will also not be allowed to buy motorcycles, rickshaws and tractors.

Moreover, bank accounts of the non-registered business persons will be frozen and they will be banned from transferring property. The amendment also proposed that the government will be authorised to seal the property and business of non-filers.

The legislation also proposed that the accounts of those persons, who are in the list of Federal Board of Revenue (FBR), will be frozen. Under the proposed amendments, FBR will also be able to freeze bank account(s) and bar property transfer over failure to register with the top collection body for filing sales tax returns.

However, their accounts will be unfrozen two days after the registration. The bill said restrictions will come into effect following the approval of the federal government.

Additionally, the House also witnessed the presentation of a report by the Standing Committee on the National Commission on the Status of Women (Amendment) Bill, 2024, which seeks to amend the National Commission on the Status of Women Act, 2012. The report was presented in the House by Chaudhary Mahmood Bashir Virk.

Separately, chairing the meeting of the Economic Coordination Committee, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, provided a comprehensive overview of the economic landscape, underscoring the government’s consistent efforts to implement policies aimed at bolstering economic stability and ensuring sustainable growth.

The minister highlighted the progress made towards economic stability, the continued improvement in various economic sectors, and the government’s firm resolve to maintain and accelerate this momentum, said a Press release issued on Wednesday.

He said that this year’s remittance is expected to be 35 billion, which is getting growth compared to last year 2023-24.

He said that the indicator of the foreign exchange reserve is positive and this year the import cover will be 3 months, which was only 2 weeks at the beginning of the government. A key highlight of the meeting was the presentation of the most recent Consumer Price Index (CPI) data, which recorded a significant drop to 4.9% in November 2024.

This represents the lowest level of inflation since April 2018, when CPI stood at 3.96%. The current CPI figure marks the lowest in the past 78 months, signaling a positive shift in the country’s inflationary trends. The decline in CPI reflects the government’s success in managing inflationary pressures and restoring price stability, particularly for essential commodities.

The ECC was also briefed on the substantial reduction in the prices of several essential goods and services. The Chair also directed the NPMC and provincial govts to ensure smooth supply of essential items as well as take corrective measures regarding undue price hike. The Minister reiterated that the government remains fully committed to ensuring that the positive trajectory of the economy continues.

He emphasized that the government’s fiscal policies, including effective management of public finances, trade, and energy sectors, have contributed significantly to the improvement in these indicators. The Minister also reassured the public and business community that the government would remain focused on addressing inflation, stabilizing the currency, and improving domestic production.