07/11/2024
Here are the 15 restrictions non-filers in Pakistan will soon face:
- *Travel Restrictions*: Non-filers will be prohibited from undertaking non-religious travel.
- *Cash Withdrawal Limits*: Non-filers will have an annual cash withdrawal limit of Rs. 30 million.
- *Asset Purchase Ban*: Non-filers will be barred from purchasing properties or vehicles .
- *Investment Restrictions*: Non-filers won't be allowed to invest in the stock market or mutual funds.
- *Current Account Limitations*: Non-filers will face restrictions on opening current bank accounts.
- *Higher Withholding Tax*: Non-filers will pay higher withholding tax rates on various transactions.
- *Income Proof for Property*: High-income filers must provide income source justification for property acquisition.
- *Explanation for Other Purchases*: Low-income filers must provide explanations for significant purchases.
- *Data Sharing with Banks*: Information about non-filers will be shared with banks to limit check withdrawals.
- *Undervalued Property Purchase*: The government will purchase properties at market value, not undervalued.
- *Check Usage Restrictions*: Certain transactions will have check usage restrictions .
- *Transaction Bans*: Gradual bans will be applied to 15 types of transactions for non-filers.
- *No Tax Exemptions*: Non-filers won't be eligible for tax deductions or exemptions.
- *Business Opportunity Limits*: Non-filers will face restrictions on conducting business activities.
- *Increased Scrutiny*: Non-filers will face enhanced audits and scrutiny.
These restrictions aim to boost tax compliance and revenue in Pakistan, with the government planning to end the non-filer category from tax laws .
