New Tax Amendments, non Filers Can Now Buy Vehicles

The National Assembly Standing Committee on Finance and Revenue just approved MASSIVE amendments to the tax system that will directly impact millions of Pakistanis! ? Non-filers can now purchase rickshaws, motorcycles, tractors, and cars up to 800cc! This move is a game-changer for individuals without tax filings, offering them new opportunities to buy vehicles that were previously out of reach!

But that’s not all! In a sweeping review of The Tax Laws (Amendment) Bill, 2024, the committee has also approved several seismic reforms. One of the most significant changes is the mandatory reporting by banks of any transactions that exceed an individual’s declared income in tax returns. This will force transparency and prevent shady dealings in the financial system. ?

This bill, discussed in a high-stakes meeting chaired by MNA Naveed Qamar, is designed to address growing concerns from stakeholders and refine Pakistan's tax system. MNA Bilal Azhar Kayani presented the committee’s findings, which were unanimously agreed upon, paving the way for urgent reforms.

There’s also a big push for clearer definitions in the bill, like the term "cash and equivalent assets" in Clause (5)(a), and updates on the Federal Board of Revenue (FBR)’s online system and mobile app—set to launch in the next two months. ?

A few amendments were deferred, such as changes to the Federal Excise Act 2005, but the committee’s sub-committee strongly recommended that the federal government, not FBR, determine property transaction value thresholds, ensuring there are no unfair restrictions on property purchases for lower and middle-income citizens. They also made it clear that no one should be ineligible for transactions until a specific value is set. ?

The committee even approved an expansion of the FBR’s reach by requiring it to install points of sale at all hotels in Islamabad and extend this to other service providers. ? Additionally, Nadra, provincial excise departments, and land authorities will now share property purchase data directly with the FBR.

In a bold move, the committee also authorized the hiring of new auditors and experts for the FBR, with strict consequences for any auditor caught leaking taxpayer information—immediate dismissal. ?

However, concerns remain. MNA Dr. Nafisa Shah voiced fears that the new amendments could trigger capital flight and harm Pakistan’s economy. This is a tense and critical moment, and the nation’s economic future may hang in the balance.

This historic overhaul of Pakistan’s tax system will undoubtedly reshape the financial landscape—stay tuned for more developments!