Aurangzeb to move bill in NA today to target tax dodgers

ISLAMABAD: Minister for Finance and Revenues Mohammad Aurangzeb is all set to introduce the Tax Law Amendments Bill 2024 in the National Assembly on Wednesday (today), expected to propose stern actions against potential tax dodgers.

The Agriculture Income Tax (AIT) which is the domain of the provinces under the constitutional arrangement is another bone of contention and the Center is finding ways and means to convince provinces especially Sindh to move forward this important structural benchmark under the IMF programme. The mainstream allies of the incumbent regime PPP sternly opposed the move to promulgate an ordinance for tax laws amendment 2024 after which the government preferred to lay the amendments in the tax laws in the shape of a bill before the Parliament on Wednesday. One top official of the FBR said that there would be no increase or decrease in the rates of taxes but the enforcement measures would be incorporated in the upcoming tax laws amendment bill 2024. The total tax gap identified by the FBR stands at Rs7.1 trillion on a per annum basis among all taxes. The government has prepared a draft bill for proposed legislation for implementation under which stern punitive actions such as freezing of bank accounts, banning purchasing immovable property, and vehicles, and investing in stock markets will be taken against potential tax evaders. The FBR also proposed for more than Rs10million income, a common data-sharing mechanism would be developed along with SBP whereby the cash deposits/withdrawal limit would be restricted to Rs30 million per year where transactions don’t match stated income.