President approves Tax Laws Amendment Bill 2024

ISLAMABAD: Pakistan’s president, Asif Ali Zardari, on Friday approved the Tax Laws (Amendment) Bill 2024 under article 75 of the constitution, ARY News reported.

The bill proposed to amend taxes and duties-related laws, a President House News release said.

The amendments made through the bill include changes to sections 30DDD, 43, 45B, 46, and 47 of the Sales Tax Act 1990.

Similarly, through the amendment bill, changes to sections 29, 33, 34, and 38 of the Federal Excise Act 2005, and sections 122A, 124, 126A, 130, 131, 132, 133, and 134A of the Income Tax Ordinance 2001 have also been made.

It is pertinent to mention here that the National Assembly (NA) passed the Tax Laws (Amendment) Bill 2024 on April 29 which would give the legislative effect to the taxation proposals of the federal government.

The bill was taken by the House as the supplementary agenda and Minister for Law and Justice Azam Nazeer Tarar moved the bill.

The House passed the amended bill which aims to give legislative effect to the taxation proposals of the federal government to liquidate a significant number of appeals pending before Commissioner IR (Appeals) and Appellate Tribunals as ATIR is the last fact-finding authority in the appellate hierarchy provided in fiscal statutes.

Over the years, and for various reasons, including arbitrary constitution of benches, inadequate number of benches, delay in fixation of cases and disposal of appeals, a substantial amount of revenue, to the tune of Rs 2 trillion, is held up in litigation before the ATIR.