ISLAMABAD – The National Assembly’s Standing Committee on Finance has conditionally approved stricter measures against unregistered businesses, including restrictions on operating bank accounts and disconnection of electricity and gas services.
Reports said FBR Chairman Rashid Mahmood Langrial briefed the committee, stating that individuals not registered under sales tax laws will no longer be allowed to operate bank accounts. A formal notice will be issued before any account is deactivated, and once registered, the account will be reactivated within two days.
Langrial revealed that only 30,000 to 35,000 out of Pakistan’s 300,000 industrial units are currently registered. He acknowledged Pakistan’s high tax rates and said electricity theft alone accounts for Rs500 to Rs600 billion annually.
The chairman added that unregistered Tier-1 retailers would also face utility disconnections. He emphasized that actions will be based on business volume, income declarations, and supply records.
Committee member Sharmila Faruqi argued for tax incentives over penalties to expand the tax net, while Finance Minister Muhammad Aurangzeb confirmed that tax exemptions and amnesties are no longer on the table.
To prevent misuse, the committee suggested safeguards before permanent bank account closures. FBR proposed temporary suspensions and promised to present a revised draft with added protections.
