President approves amendment to tax laws

ISLAMABAD: President Asif Ali Zardari on Friday approved the Tax Laws (Amendment) Bill 2024 under Article 75 of the Constitution.

The bill aims to amend taxes and duties’ related laws. The Tax Laws (Amendment) Bill 2024 was passed by the National Assembly on April 29, 2024. According to President House’s media cell announcement, the president approved the bill on the advice of the prime minister turning it into an act.

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.