{"id":60700,"date":"2024-12-29T15:07:07","date_gmt":"2024-12-29T10:07:07","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=60700"},"modified":"2024-12-29T16:41:26","modified_gmt":"2024-12-29T11:41:26","slug":"fbr-to-block-both-current-savings-accounts-of-these-people","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/fbr-to-block-both-current-savings-accounts-of-these-people\/","title":{"rendered":"FBR to block both current, savings accounts of THESE people"},"content":{"rendered":"

ISLAMABAD: The Federal Board of Revenue<\/a> (FBR) has taken a\u00a0<\/span>very\u00a0<\/span>significant step to ensure tax compliance by deciding to block the current and savings accounts of non-filers. <\/span><\/p>\n

This move is part of the Tax Laws Amendment Bill 2024, which was approved by the Senate Standing Committee<\/a> on Finance and Revenue on Friday.\u00a0<\/span><\/p>\n

Consequently<\/span>, banking entities will\u00a0<\/span>not<\/span>\u00a0<\/span>be able to open or maintain current or savings accounts for\u00a0<\/span>those\u00a0<\/span>individuals who do not file their tax returns<\/a>.\u00a0<\/span><\/p>\n

Additionally<\/span>, the FBR will also block cash withdrawals from bank accounts that exceed a certain amount, making it essential for individuals to file their tax returns to avoid any disruptions to their financial transactions.<\/span><\/p>\n

In addition,\u00a0<\/span>the FBR\u00a0<\/span>will<\/span>\u00a0<\/span>collaborate<\/span>\u00a0<\/span>with<\/span>\u00a0<\/span>banks<\/span>\u00a0<\/span>to\u00a0<\/span>introduce<\/span>\u00a0a mechanism\u00a0<\/span>that<\/span>\u00a0<\/span>restricts<\/span> banking transactions based on a <\/span>declared income<\/span>\u00a0of a citizen<\/span>, which will be\u00a0<\/span>checked<\/span>\u00a0against\u00a0<\/span>his<\/span>\u00a0Computerized National Identity Card (CNIC<\/a>).<\/span><\/p>\n

This\u00a0<\/span>implies<\/span>\u00a0that\u00a0<\/span>in<\/span>\u00a0<\/span>case<\/span>\u00a0<\/span>a citizen<\/span>‘s\u00a0<\/span>transactional<\/span>\u00a0activity does not\u00a0<\/span>go<\/span>\u00a0<\/span>hand<\/span>\u00a0<\/span>in hand with\u00a0<\/span>declared income,\u00a0<\/span>FBR will take strict actions a<\/span>gainst\u00a0<\/span>the concerned individual<\/span>.\u00a0<\/span><\/p>\n

In addition<\/span>, filers will\u00a0<\/span>have<\/span>\u00a0<\/span>to declare their sources of income before making\u00a0<\/span>significant<\/span>\u00a0purchases<\/span>\u00a0<\/span>like<\/span>\u00a0<\/span>vehicles, properties, or investments in securities.\u00a0<\/span>In addition,\u00a0<\/span>they will also be allowed to purchase\u00a0<\/span>articles<\/span>\u00a0or properties\u00a0<\/span>amounting<\/span>\u00a0<\/span>to 130% of\u00a0<\/span>the<\/span>\u00a0declared wealth, but\u00a0<\/span>anything<\/span>\u00a0<\/span>purchased<\/span>\u00a0<\/span>beyond<\/span>\u00a0this\u00a0<\/span>amount<\/span>\u00a0will\u00a0<\/span>force<\/span>\u00a0them to declare\u00a0<\/span>more<\/span> income or resources in their tax returns.<\/span><\/p>\n

The committee also approved\u00a0the creation of\u00a0<\/span>pre-audit mechanisms\u00a0<\/span>on<\/span>\u00a0high-value sales<\/span>–<\/span>\u00a0including gold and foreign\u00a0<\/span>currencies-for<\/span>\u00a0<\/span>proper<\/span>\u00a0<\/span>documentation<\/span>\u00a0<\/span>and<\/span>\u00a0<\/span>tax<\/span>\u00a0<\/span>payment<\/span>.<\/span><\/p>\n

Cigarettes and beverages will\u00a0<\/span>also<\/span>\u00a0<\/span>have<\/span>\u00a0<\/span>to\u00a0<\/span>be sold\u00a0<\/span>with<\/span>\u00a0<\/span>either a\u00a0<\/span>tax\u00a0<\/span>stamp<\/span>,\u00a0<\/span>sticker<\/span>\u00a0or barcodes<\/span>\u00a0<\/span>for the purpose of easy tracking by <\/span>taxing<\/span>\u00a0<\/span>authorities<\/span>.\u00a0<\/span>Mostly<\/span>\u00a0<\/span>targeted<\/span>\u00a0<\/span>on<\/span>\u00a0<\/span>raising<\/span>\u00a0<\/span>tax revenue and\u00a0<\/span>limiting<\/span> tax evasion these actions are likely to impact heavily\u00a0 <\/span>on the country’s\u00a0<\/span>economic scale<\/span>.<\/span><\/p>\n

By requiring\u00a0<\/span>people<\/span> to file their tax returns and verifying their income against their banking transactions, the FBR hopes to create a more transparent and equitable tax system.<\/span><\/p>\n

Overall, these changes are expected to improve tax compliance and generate more revenue for the government, which can be used to fund public services and infrastructure development.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

ISLAMABAD: The Federal Board of Revenue (FBR) has taken a\u00a0very\u00a0significant step to ensure tax compliance by deciding to block the current and savings accounts of non-filers. This move is part of the Tax Laws Amendment Bill 2024, which was approved by the Senate Standing Committee on Finance and Revenue on Friday.\u00a0 Consequently, banking entities will\u00a0not\u00a0be […]<\/p>\n","protected":false},"author":9,"featured_media":40284,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,2],"tags":[25267,131,25266],"class_list":["post-60700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-pakistan","tag-current-and-saving-bank-accounts","tag-fbr","tag-fbr-to-block-bank-accounts-of-non-filers"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/60700","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=60700"}],"version-history":[{"count":3,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/60700\/revisions"}],"predecessor-version":[{"id":60714,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/60700\/revisions\/60714"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/40284"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=60700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=60700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=60700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}