The Tax Laws (Amendment) Bill, 2024 introduces a series of proposed restrictions targeting non-compliant individuals and entities under Section 114C(1) of the Income Tax Ordinance, 2001. These amendments are aimed at curbing tax evasion and improving tax compliance by restricting certain transactions for individuals and businesses that fail to meet tax obligations. The bill, as outlined by Tola Associates and Tola & Tola, specifies several key restrictions that will come into effect once notifications are issued by the Federal Board of Revenue (FBR). Restrictions on Vehicle Purchases and Registrations The bill imposes a significant restriction on the purchase and registration of motor vehicles. Under the proposed amendments, individuals who are deemed non-compliant will not be allowed to apply for booking, purchase, or registration of a motor vehicle. Specifically, vehicle manufacturers or registering authorities under the excise and tax departments will be prohibited from processing such applications from non-compliant persons. This restriction aims to limit the ability of individuals with unresolved tax issues from acquiring new vehicles, thereby encouraging tax compliance. Restrictions on Property Transactions Another proposed restriction concerns transactions related to immovable property. The bill specifies that applications or requests for the registration, recording, or attestation of transfers of immovable property will not be accepted from non-compliant individuals if the transaction exceeds a certain value, as defined by the FBR. This value threshold will be notified periodically through an SRO or Notification. This measure is designed to target large property transactions, which often involve significant amounts of unreported income, thereby discouraging non-compliance in the real estate sector. Securities Transactions The proposed amendments also affect individuals and entities involved in securities transactions. Anyone authorized to sell securities, including debt securities or mutual fund units, will face restrictions on selling or clearing transactions for ineligible persons, which include individuals or Associations of Persons (AOPs) who are…