Tax Laws Amendment Bill 2024 presented in National Assembly

ISLAMABAD: The Tax Laws Amendment Bill 2024 has been presented in the National Assembly (NA), ARY News reported on Tuesday.

The National Assembly’s Standing Committee will now review the bill clause by clause and make decisions accordingly. The committee has already approved the strictest amendments related to Sales Tax in the draft law.

The main objective of the Tax Laws Amendments bill is to ensure income-based tax payments, according to the draft.

The bill proposes severe actions against non-filers, including restrictions on their bank accounts. The proposal includes a provision under Section 14A of the Sales Tax Act, which suggests freezing the bank accounts of those who fail to register for sales tax.

The bill further stipulates that individuals who do not register for sales tax will have their bank accounts frozen, and property transfers will be prohibited. However, under Section 14A (E), the accounts can be unfrozen two days after sales tax registration.

To unfreeze the accounts, individuals will need to file an appeal with the Chief Commissioner, according to the draft bill.

Read more: FBR chairman admits to corruption within the department

Earlier, Federal Board of Revenue (FBR) Chairman Rashid Langrial admitted to corruption within the department.

“Corrupt practices are still going in FBR,” Rashid Langiral said while briefing the National Assembly’s Standing Committee on Finance.

Langrial told the NA body that the changes in tax laws are intended to increase the tax base, targeting higher-income individuals and those engaged in significant business transactions.

Under the new laws, FBR officers are being granted additional powers to address issues of black money and tax evasion, he added.