New Tax Laws (Amendment Bill) 2024 set for Senate review

ISLAMABAD: The Senate Standing Committee on Finance and Revenue is set to convene on Tuesday (today) to discuss the government’s proposed legislation known as ‘The Tax Laws (Amendment) Bill, 2024’. This bill aims to amend existing tax laws in order to strengthen the government’s control over non-filers, reported the Business Recorder.

The meeting will be chaired by Saleem Mandviwalla. According to a notification from the Senate Secretariat, the agenda includes the examination of the proposed bill, which was introduced by Senator Azam Nazeer Tarar, Minister for Law and Justice, on behalf of Senator Muhammad Aurangzeb, Minister for Finance and Revenue, during a Senate session on December 19, 2024.

The bill is designed to enhance compliance with tax laws, ensuring that taxes are paid in line with individuals’ income and consumption levels. It aims to address the complete business value chain and generate financial resources for economic development, as outlined by the federal government.

Key provisions of the bill include prohibiting non-filers from opening or operating bank accounts, restricting their ability to transfer immovable property, and limiting the purchase of vehicles with engine capacities over 800cc. However, non-filers would still be permitted to buy motorcycles, rickshaws, and tractors. Additionally, the bill would grant authorities the power to freeze the bank accounts of non-filers and seize their assets.