Pakistan’s financial world has been set ablaze with a storm of debate and confusion: Are you eligible to make financial transactions in Pakistan anymore? This burning question has swept across drawing rooms, boardrooms, and the bustling streets of the country ever since the government unveiled its controversial Budget 2025-26.
The spotlight is no longer merely on non-filers—those who fail to submit annual income and wealth returns. A more dramatic twist has now entered the financial stage: even regular tax filers may no longer be deemed “eligible” to engage in high-value transactions like buying property, cars, or even opening a regular bank account.
That’s right. Just filing your tax return isn’t enough anymore.
🔍 The New Financial Gatekeeping Begins
Enter the Finance Bill 2025, which proposes a sweeping and potentially game-changing definition of who qualifies as an Eligible Person. According to the bill, an eligible individual must:
“…have filed a return of income for the tax year immediately preceding the year of the transaction and have sufficient resources in the wealth statement (for individuals) or financial statement (for companies or associations of persons) to justify the transaction. Alternatively, a person must have declared sufficient resources in their sources of investment and expenditure statement.”
If passed, this legislation will take effect from July 1, 2025, sending shockwaves through every level of Pakistan’s economy.
😱 From Filer to Ineligible in a Flash?
This proposed law has left not only the public but also seasoned tax experts and government officials reeling with disbelief.
“If you’ve declared yourself a filer but don’t have enough documented wealth to buy a house or car, you could be banned from making such transactions altogether,” one expert warned. “This could effectively render thousands—if not millions—of tax filers ineligible for routine financial activities.”
The word “eligible” is now at the heart of the biggest financial controversy in years, and the implications are staggering.
💥 “It Will Paralyze the Economy!” Experts Warn
Rehmatullah Khan Wazir, former top official at the Federal Board of Revenue (FBR), minced no words:
“This move could backfire spectacularly. People might stop buying cars or property altogether—or worse, they’ll move their capital abroad, pouring money into Dubai’s real estate or using underground channels like hawala, hundi, or even outright smuggling.”
The threat is very real. If economic transactions are frozen due to these restrictions, it could choke the very lifeline of Pakistan’s economy.
🤔 What About the Past?
Wazir also raised another burning question: “What about those who already made real estate or vehicle transactions in 2023-24 with unexplained money? Why didn’t the FBR investigate them using global best practices?”
Indeed, under international norms, tax authorities typically allow a transaction to occur and then investigate the source of income or assets afterward. Pakistan’s move to impose pre-transaction scrutiny flips that approach on its head.
🧾 Not Just Theory – Here Are the Proposed Bans
The Tax Laws (Amendment) Bill, 2024, originally floated and later scrapped, is now being repackaged and revived in the 2025 Finance Bill—with sharper teeth.
Here are the jaw-dropping restrictions proposed for those deemed ineligible:
🚗 1. Motor Vehicles:
No booking, purchase, or registration of vehicles will be allowed for ineligible persons. Manufacturers and the Excise Department will reject such requests outright.
🏠 2. Immovable Property:
Property transfers exceeding a government-specified threshold will be blocked for ineligible individuals. Land authorities will not even process the paperwork.
📈 3. Securities Transactions:
From debt securities to mutual funds, authorized dealers will be prohibited from selling to ineligible persons. This effectively freezes their ability to invest in Pakistan’s financial markets.
🏦 4. Banking Transactions:
• Banks will not open or maintain savings/current accounts for those declared ineligible (except for Asaan and Pensioner accounts).
• Even cash withdrawals above FBR-notified limits will be barred.
⚠️ Exceptions That Prove the Rule
Thankfully, a few exemptions have been carved out. The following transactions are still allowed even for ineligible individuals:
• Purchase of rickshaws, motorcycles, and tractors
• Buying pickups under 800cc
• Certain trucks and buses, as per future FBR guidelines
• Investment in securities under a defined limit
• Transactions by public companies or non-resident individuals, with some exceptions
📣 Why Everyone Should Care
If passed, this law could redefine the financial landscape for every Pakistani. Whether you’re a salaried individual hoping to buy your first car, a businessman eyeing a real estate deal, or a company planning investment moves—your eligibility to conduct transactions could be the gatekeeper to your financial freedom.
And make no mistake: the term “Eligible Person” will become one of the most powerful designations in Pakistan’s financial lexicon.
💬 Final Word
In theory, the move aims to broaden the tax base and ensure only documented, tax-paid money enters the economy. But in practice, it could ignite a crisis of confidence in the system.
Will this new regime of transaction restrictions truly usher in accountability—or simply push wealth further underground?
As Pakistan waits for July 1, 2025, one thing is clear: the word eligible is no longer just bureaucratic jargon—it’s the new currency of control.
Brace yourself. The age of transactional eligibility is coming.