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Print Print 2024-06-26

FBR may block bank accounts of non-filers

  • Sources inform proposal was part of the original Finance Bill 2024, but the same was not passed
Published June 26, 2024

ISLAMABAD: The government may block bank accounts of non-filers and also decided to fix the amount of sales tax on the import of mobile phones replacing 18 percent sales tax and revise law on disallowance of 25 percent of sales promotion and advertising expenses under amended Finance Bill 2024.

Sources informed that the proposal of freezing bank accounts of non-filers was part of the original Finance Bill 2024, but the same was not passed.

In cases where non-filers are not responding to notices, the government may consider a proposal to block bank accounts of non-filers till they appear on the Active Taxpayers List (ATL). The non-filers would be able to continue to deposit money in banks, but cannot withdraw the amount till they become filers and their names appear on the ATL.

FBR begins audit of urea/fertilizer dealers

The FBR will issue the income tax general order (ITGO) of names of non-filers for blocking their bank accounts if the proposal has been made part of the amended finance Bill 2024.

The amended Finance Bill 2024 would replace the 18 percent sales tax on the import of mobile phones with a fixed amount of sales tax depending on the brands of the imported mobile phones.

In budget 2024-25, the government has disallowed 25 percent of sales promotion and advertising expenses under the royalty arrangement.

Now, through amendments in the Finance Bill 2024, the government is considering three options.

Firstly, the FBR may reduce the rate from 25 to 20 percent with fulfilment of laid down conditions.

Secondly, the FBR may restore the original status of law prior to Finance Bill 2024. In this case, the FBR will be granted rules making powers to deal with such cases.

Thirdly, the government may allow a certain percentage of sales promotion or advertising expenses.

Copyright Business Recorder, 2024

Comments

Comments are closed.

Arshad Jun 26, 2024 07:49am
Just this News will create a Panic in the Country as people will now chase the banks to withdraw their money resulting in a total collapse of the Banking system.
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Mubashir Munir Jun 26, 2024 10:31am
Do it immediately
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KU Jun 26, 2024 02:04pm
Asking thieves to catch thieves, doesn't get better than this! They protect untaxed with bribes, n its fact that annual corruption of Rs. 600 billion takes place in FBR. Fake efforts for greed only.
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Builder Jun 26, 2024 02:16pm
Cancel current currency notes and exchange only on proof of legit income and tax payment.
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Furqan S Jun 26, 2024 03:06pm
@KU, source of 600 billion corruption?
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Mumtaz Malik Jun 26, 2024 03:33pm
@KU, Unbelievable Sir,
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Tariq Qurashi Jun 26, 2024 04:30pm
Not a good idea. If 98% of people are non-filers, then potentially closing the bank accounts of 98% of the population will cause a collapse in the banking system as people move to cash.
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Fatima Iqbal Jun 26, 2024 04:52pm
@Tariq Qurashi, Absoluetly right
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Aam Aadmi Jun 26, 2024 04:53pm
Pure Nonsense! (Nothing else is pure in this country though). Stringent laws are valid where there is Rule of Law, not in a country where people do not follow the law but the law follows the people.
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KU Jun 26, 2024 05:08pm
@Furqan S, its estimated figure, and was acknowledged by NA MP. Its sum of money laundering, bribes and kickbacks in FBR n Customs n its bad. Article by Akbar Ali Mayo, 2019 on FBR is enlightening.
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Roshani Cheema Jun 27, 2024 08:06am
FBR is biggest hurdle in tax collection in Pakistan. Government of Pakistan should outsource tax collection service to some international agency.
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FARHAN VASAYA Jun 27, 2024 11:49am
There exists massive indirect taxes. Why are they stubborn towards more direct taxes and staking their economy at risk. Policies should be easier for people to donate what they possess extra instead off forcible losing their money.
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