Govt proposes further changes to the Finance Supplementary Bill, 2019

March 20, 2019 (MLN): Certain amendments have been made in the Finance supplementary Bill, 2019, thereby which non-filers will have to pay taxes of 0.6 percent on cash withdrawal, if the amount withdrawn exceeds Rs. 50,000 from all bank accounts in single day. The same tax rate shall also apply for banking transactions (against cash), if the amount exceeds Rs. 25,000 per day.

Moreover, amendments have also been made with regards to restrictions imposed on non-filers for the purchase of certain assets. As per these amendments, these restrictions shall not apply in respect of;

• A locally manufactured car
• A person holding a Pakistan origin card or a National Identity Card for overseas Pakistanis or a non-resident Pakistani citizen holding international passport who produces a certificate from a scheduled bank of receipt of foreign exchange remitted from outside Pakistan through normal banking channel during a period of sixty days prior to the date of booking, registration or purchase of motor vehicle
• A legal heir acquiring property in inheritance
• A person holding a Pakistan origin card or a National Identity Card for overseas Pakistanis or a non-resident Pakistani citizen holding international passport who produces a certificate from a scheduled bank of receipt of foreign exchange remitted from outside Pakistan through normal banking channel during a period of sixty days prior to the date of registering, recording or attesting transfer of immovable property.

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