NA Standing Committee postpones Tax Amendment Bill 2024 Voting

FBR is finding it hard to get the approval for the tax amendment bill, as today the NA standing committee indirectly conditioned the bill approval with the recommendations of other stakeholders, including the Associations of Builders and Developers, which will report back within 10 days and will tell how this will impact their business and the common person.

What will be the impact of Tax Amendment 2024 on common citizen?

The FBR Chairperson said that this bill aims to only increase filers and restrict non-filers from doing any kind of business transactions. He said that we are hiring 1600 private auditors to enhance the capacity of the audit and also to audit non-filers. He said that we understand that the salary class tax burden has increased significantly; however, as we have been told multiple times, the IMF targets restrict us from giving any kind of relief. 

The finance minister's team also revealed that Pakistan's economy is around 50% black money, which is why we have brought Tax Amendment 2024 to block unregistered persons' bank accounts as well as any kind of business transactions which will force them to register and become filers. 

However, the committee did not trust the words of finance ministry officials and the FBR chairperson. NA standing committee sends the bill to another subcommittee, which will give its recommendation, and voting will be based on that.