In a bid to bridge the massive Rs 7,100 billion annual revenue gap, the Federal Board of Revenue (FBR) has taken stringent measures to curb tax evasion.
With tax evasion soaring by Rs 1,200 billion, new policies aim to increase tax revenue by making life more difficult for non-filers across the country.
According to sources, millions of non-filers will face significant restrictions, including the inability to operate bank accounts, buy vehicles, or purchase immovable property.
The FBR has decided to share data on non-filers with the State Bank of Pakistan and commercial banks to enforce these restrictions. Non-filers will also be barred from investing in securities, mutual funds, and the money market.
In addition, individuals with income exceeding Rs 10 million will be required to declare the source of their income when purchasing property. Filers, however, will still be permitted to make vehicle purchases and invest in securities and mutual funds.
Those with an income below Rs 10 million can continue to operate bank accounts, but they must declare their income source when buying property, vehicles, or making investments.
Further regulations will set a cap on the amount filers can withdraw or deposit annually, with a Rs 30 million limit imposed on total withdrawals. On the other hand, easy bank accounts will remain available to low-income citizens, according to the FBR.
