Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    Gen V Season 2 trailer
    Videos

    Gen V Season 2 Trailer Cast, Plot, Premiere Details

    July 26, 2025 3 Min Read
    IShowSpeed Daniel La Belle race
    Videos

    IShowSpeed Beats Daniel La Belle in 40-Meter Race, Hits 41M Subscribers

    June 24, 2025 2 Min Read
    Cardi B new single Outside
    Videos

    Cardi B’s ‘Outside’ Single Sparks Buzz Over Offset and Stefon Diggs

    June 20, 2025 2 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: Tax Laws Amendment Bill 2024 Introduced in National Assembly
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
Bank Tax Restructure in Pakistan
PhotoNews Pakistan > Business > Tax Laws Amendment Bill 2024 Introduced in National Assembly
Business

Tax Laws Amendment Bill 2024 Introduced in National Assembly

Web Desk
By Web Desk Published January 21, 2025 2 Min Read
Share
Tax Reforms. Photo: The News International
SHARE

The National Assembly introduced the Tax Laws Amendment Bill 2024, which is now under review by the Standing Committee. This committee will examine the bill, clause by clause, and make necessary decisions. They have already endorsed the most stringent amendments concerning Sales Tax.

The draft outlines the bill’s primary goal of enforcing income-based tax compliance. The bill introduces harsh penalties for non-filers, including potentially freezing their bank accounts. Section 14A of the Sales Tax Act allows the immediate freezing of bank accounts for individuals who do not register for sales tax. Additionally, these individuals will face restrictions on property transfers.

However, the bill provides a remediation path: accounts can be unfrozen within two days following the completion of sales tax registration. To initiate the unfreezing process, affected individuals must appeal to the Chief Commissioner.

Earlier discussions highlighted ongoing Federal Board of Revenue (FBR) issues. Rashid Langrial, FBR Chairman, acknowledged the persistence of corruption during a briefing to the National Assembly’s Standing Committee on Finance. He emphasized that the proposed changes aim to broaden the tax base by targeting high-income earners and major business transactions. The new regulations would empower FBR officers to tackle black money and tax evasion effectively.

TAGGED:Featured
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement

HBL Saving Made Easy
HBL Saving Made Easy

Recent Posts

Karachi Tarffic Jam

Malir River Flooding Shuts Korangi Crossing, Sparks Karachi Traffic Chaos

NASA China Space Race 2025

NASA Bars Chinese Nationals from Space Programs

FBR Transformation Plan

FBR Unveils Ambitious Plan to Hike Pakistan’s Tax-to-GDP Ratio to 18%

Post Archives

More Popular from Photonews

Adult Movie Star Natalia Rae Death
Entertainment

Natalia Rae, Adult Film Star, Dies at 33 in Costa Rica

2 Min Read
Carlo Acutis Saint
Offbeat

Carlo Acutis Becomes First Millennial Saint at Vatican Ceremony

2 Min Read
Marco Rubio Palestinian State
Top NewsWorld

Marco Rubio Warns Against Palestinian State Recognition

2 Min Read
Sindh

Karachi Enjoys Cool Weather as Rain Continues Until September 10

The Pakistan Meteorological Department (PMD) reported light showers in areas including Metroville, SITE, Baldia, and Mauripur.…

September 8, 2025
Top NewsWorld

Japan Celebrates Prince Hisahito’s Coming of Age Amid Succession Debate

Japan held a grand ceremony at the Imperial Palace in Tokyo to mark Prince Hisahito’s coming…

September 6, 2025
Pakistan

Justice Mansoor Ali Shah Questions CJP Yahya Afridi on Judicial Practices

Supreme Court Justice Mansoor Ali Shah sent a letter to Chief Justice of Pakistan Yahya Afridi. He asked for…

September 6, 2025
Offbeat

Female Iguana’s Rare ‘Virgin Birth’ Stuns Scientists

In a remarkable event, a female casque-headed iguana at the Exotic Zoo in Telford, UK, gave…

September 10, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?