ISLAMABAD: The Senate Standing Committee on Finance and Revenue is scheduled to meet on Tuesday (today) to consider the government bill titled, “The Tax Laws (Amendment) Bill, 2024”, which envisaged to further amend certain tax laws to tighten the government’s grip on non-filers.
The committee would meet under the chairmanship of Saleem Mandviwalla.
According to the Senate Secretariat’s notification, the agenda before the committee would be; consideration of the government bill titled, “The Tax Laws (Amendment) Bill, 2024”, introduced by Senator Azam Nazeer Tarar, Minister for Law and Justice on behalf of Senator Muhammad Aurangzeb, Minister for Finance and Revenue, in the sitting of the Senate held on 19th December 2024.
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The proposed legislation noted that the purpose of this bill is to give effect to the proposals for effective compliance to the tax laws and to ensure that taxes are paid according to income and consumption level, to complete value chain of businesses and generate financial resources for economic development, as proposed by the federal government.
Key provisions of the proposed bill are to prohibit non-filers from opening/ operating bank accounts, bar transfer of immoveable property by non-filers, restrict non-filers from buying vehicles with engine capacities exceeding 800cc, although they may still purchase motorcycles, rickshaws, and tractors, to have an authority to freeze non-filers’ bank accounts and seize their properties.
Copyright Business Recorder, 2024
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