ISLAMABAD: The Tax Laws Amendment Bill 2024 has been introduced in the National Assembly (NA).
The bill will now undergo a clause-by-clause review by the National Assembly’s Standing Committee, which has already approved stringent amendments related to Sales Tax in the draft.
The primary aim of the Tax Laws Amendment Bill is to enforce income-based tax compliance, as outlined in the draft.
The proposed bill includes strict measures against non-filers, such as freezing their bank accounts under Section 14A of the Sales Tax Act. Non-filers who fail to register for sales tax will also face restrictions on property transfers. However, Section 14A (E) allows accounts to be unfrozen within two days of completing sales tax registration. To initiate this process, individuals must file an appeal with the Chief Commissioner.
Earlier, Federal Board of Revenue (FBR) Chairman Rashid Langrial admitted to ongoing corrupt practices within the department.
While briefing the National Assembly’s Standing Committee on Finance, Langrial stated that the proposed changes aim to broaden the tax base by targeting high-income individuals and significant business transactions.
He also highlighted that the new laws grant FBR officers additional authority to tackle black money and tax evasion effectively.
