The government on Wednesday reinstated a ban on non-filers of tax returns from purchasing property and vehicles.
Addressing the National Assembly, Finance Minister Asad Umar announced that the ban the government had earlier lifted has been imposed again.
The Lower House passed the amended bill with a clear majority.
“The government had called for recommendations on the budget. I am thankful to those who complied.” The finance minister said as he announced the reinstatement of restrictions on the purchase of property and vehicles by non-filers. Three exceptions were made to the restriction.
“These exemptions include overseas Pakistanis, people inheriting property and those earning through informal means.” Umer added that “fines for people who engage in property sales while they are non-filers have also been imposed.”
The finance minister further said, “The country’s circular debt increased by over Rs400 billion and then they say that streams of milk and honey used to flow during their terms."
"The circular debt increased by RS453 billion and today the debt stands at Rs1,200 billion," he added.
Umar also highlighted the dismal performance of the previous governments and blamed them for the current economic predicament the country is experiencing.