The Tax Laws (Amendment) Bill, 2024, aims to make significant changes to Pakistan’s tax laws. The bill was introduced to the National Assembly with the goal of curbing certain economic transactions by unregistered individuals.
Key Proposals:
– Amendments to Tax Laws: The bill proposes changes to the Income Tax Ordinance, 2001, the Sales Tax Act, 1990, and the Federal Excise Act, 2005.
– Directorate-General of Law: The bill establishes a Directorate-General of Law, which will consist of a Director General and several Directors.
– Tax Evasion Prevention: The government aims to broaden the tax base and prevent tax evasion through this bill.
Legislative Progress:
– The bill was laid in the National Assembly on April 24, 2024.
– A Senate Special Committee reviewed the bill and passed it with amendments on April 29, 2024.
– The bill is currently under consideration, but its status and any further developments are unclear.
For the most up-to-date information, you can check the National Assembly of Pakistan’s website or consult with a tax professional.
