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Finance Minister Muhammad Aurangzeb has eased restrictions on non-filers by limiting the ban to only high-value assets and introduced new taxes of Rs 36 billion.
Earlier, the government proposed to impose a ban on non-filers on buying cars, homes, or making large transactions, but now the policy applies to luxury items only.
The rule now affects only cars above 1,600cc, homes larger than one kanal in major cities (and two kanals elsewhere), yearly cash deposits exceeding Rs 100 million, and stock investments above Rs 50 million.
This rollback significantly weakens the Federal Board of Revenue’s enforcement plan.
The minister said Prime Minister Shehbaz Sharif ordered the changes, citing FBR’s limited capacity to implement strict controls.
In addition, Rs 36 billion in new taxes were introduced, including hikes in mutual fund and corporate income taxes and a Rs 10 FED on per day-old chick to collect Rs 15 billion annually.
Other measures include a reduced 1 percent income tax rate for those earning between Rs. 600,000 and Rs. 1.2 million, and a 5 percent tax on pensions above Rs. 10 million—except for those aged over 75, who are exempt.
A 20-year low-income housing loan scheme was also announced. For tax fraud under Rs 50 million, the relevant authority now requires approval from the court and produced before a special judge within 24 hours
