ISLAMABAD: The National Assembly is likely to pass 'The Tax Laws (Amendment) Bill, 2012' in its upcoming 49th session to be held in the first week of January next year, giving a one-time opportunity to unregistered persons and non-filers to regularise their tax affairs through a tax amnesty scheme.
According to the sources, government would try its level best to get pass the bill from the National Assembly before its dissolution. If the Bill could not be passed from the National Assembly, the President could promulgate an ordinance [The Tax Laws (Amendment) Ordinance, 2012] to launch the Tax Amnesty Scheme for a specific period. Similarly, the Senate is likely to pass 'The Investigation Fair Trial Bill, 2012' in the coming session to be held in the first week of next month. The National Assembly had already passed this bill on December 19 this year which strengthens the powers of intelligence agencies in dealing with terrorists.
According to sources in the National Assembly Secretariat, the National Assembly's Standing Committee on Finance would submit its report on 'The Tax Laws (Amendment) Bill, 2012' in the upcoming session of the Lower House of Parliament. The government introduced the Bill in the National Assembly on December 17 to provide a mechanism for bringing potential taxpayers into the tax net and to enforce compliance of tax laws.
'The Tax Laws (Amendment) Bill, 2012' is a money bill, so according to the Constitution, the Senate (Standing Committee) can only give recommendations on the Bill within 14 days. The Senate cannot pass any money bill. If the Upper House of Parliament does not give its recommendations within fourteen days, the Lower House of parliament can pass the Bill.
According to Article 73 of the Constitution, "Notwithstanding anything contained in Article 70, a Money Bill shall originate in the National Assembly: "Provided that simultaneously when a Money Bill, including the Finance Bill containing the Annual Budget Statement, is presented in the National Assembly, a copy thereof shall be transmitted to the Senate which may, within fourteen days, make recommendations thereon to the National Assembly.
"The National Assembly shall consider the recommendations of the Senate and after the Bill has been passed by the Assembly with or without incorporating the recommendations of the Senate, it shall be presented to the President for assent. "'The Tax laws (Amendment) Bill, 2012' has been introduced to launch tax amnesty scheme to widen the tax base and jack up tax-to-GDP ratio. The Bill also seeks to amend the Income Tax Ordinance, 2001, Sales Tax Act, 1999 and Federal Excise Act, 2005 to provide an effective alternative dispute resolution mechanism to settle the protracted legal disputes."
The Sources said that the National Assembly Standing Committee on Law and Justice is also likely to submit its report on 'The National Accountability Commission Bill, 2012' in the House. The government may also table 'The Constitution (23rd Amendment) Bill, 2012, The Electricity (Amendment) Bill, 2012 and The Criminal Law (Amendment) Bill, 2012 in the Lower House of parliament for approval in the next session.