The Federal government has announced several restrictions on non-filers in the annual budget for the fiscal year 2025-26, reported 24NewsHDTV Chanel.
According to Finance Bill, non-filers has been abolished. Now rental income from commercial properties will be capped at 4 percent of fair market value.
The government has suggested ban on purchase of vehicles and immovable property by non-filers. The non filers will no more be able to invest in securities and mutual funds.
Finance Bill suggested that non-filers will not be allowed to open bank account. Non-filers will be directed to declare income on FBR's online portal. Moreover, non-filers will have to submit proof of financial sources like gifts, loans and inheritance.
The Finance Bill proposes to increase advance tax rate on cash withdrawals for non-filers from 0.6 to 1 percent.