Pakistan

ISLAMABAD – Finance Minister Asad Umar presented the supplementary Finance Bill in the National Assembly on Tuesday, painting a bleak picture of the cash-strapped economy.

Asad Umar has eliminated the previous regulation on non-filers and proposed a new amendment.

According to the new proposed finance bill, Income tax non-filers will be allowed to purchase any local or imported vehicle.

A duty of 20 percent will be placed on cars above engine displacement of 1800cc, he added.

Moreover, non-filers can also purchase the property regardless of its worth.

In May, the former Pakistan Muslim League Nawaz (PMLN) led government had approved the ban on the purchase of vehicles and property for non-filers.

Budget 2018: Non-filers will not be able to purchase new cars

Federal Board of Revenue (FBR) on Friday had also added a new section 227C to the Income Tax Ordinance through Finance Act, 2018 to increase the number of filers.

FBR bans buying and registration of local and imported vehicles for non-filers

The lawmakers would initiate a debate on the bill from 24th, following which the bill would be approved or amended.

After the approval of finance bill, FBR will implement the new scheme of tax regulation.