ISLAMABAD: The Reforms & Revenue Mobilisation Commission (RRMC) has recommended that the National Tax Number (NTN) should be made mandatory for the opening of the business bank accounts from July 1, 2023.
https://www.brecorder.com/news/40244604/business-bank-account-opening-rrmc-for-making-ntn-mandatory/
According to the report of the RRMC under consideration of the Federal Board of Revenue (FBR) for the upcoming budget (2023-24), there are a number of individuals who carry out their businesses, and the same are not documented owing to the reason that they are not registered with FBR. However, they do maintain their bank accounts. In order to cater to such businessmen, it is recommended that NTN registration should be held mandatory for opening a bank account. Compulsory NTN should also be issued to non-filers for executing certain transactions, including sales and purchase of vehicles, property, foreign travels, and membership of clubs etc.
Furthermore, Section 111 of the Income Tax Ordinance 2001 can be invoked on non-filers who carry out banking transactions exceeding a certain threshold without any restriction of statutory time limitations.