Bill seeking amendment in Tax Law tabled in NA

ISLAMABAD: Federal Minister for Law and Justice, Azam Nazeer Tarar Wednesday introduced a bill further to amend the certain tax law (The Tax Law Amendment Bill 2024), in the National Assembly.

The minister highlighted that there are pending tax cases amounting to Rs2,700 billion across various appellate forums, including Commissioners’ Appeals, Appellate Tribunals, High Courts, and the Supreme Court of Pakistan.

He said that the government was opened to suggestions from the opposition and other stakeholders regarding the bill. He added that expanding of tax base was necessary for the strengthening of the country’s economy.

Azam Tarar said that the Tax Bar Association had been consulted regarding the proposed bill.

Opposition leader in the National Assembly Omer Ayub suggested that the purpose bill should be discussed in the Finance Committee.

Earlier, the Federal Board of Revenue (FBR) initiated tax collection under the newly proposed ‘Tajir Dost Scheme’ for small traders and shopkeepers in a bid to comply with the demand of the IMF.

The scheme was launched in six major cities including Islamabad, Rawalpindi, Karachi, Lahore, Quetta, and Peshawar.

Under the Tajir Dost Scheme, monthly advance tax payments will kick off on July 1, 2024, with the first payment due on July 15, 2024.

Subsequent payments will be due on the 15th of each following month, facilitating convenient payments through a dedicated computerized system using a Payment Slip ID (PSID) generated by the Tajir Dost module or the FBR’s online portal a private news channel reported.