ISLAMABAD: In an effort to expedite the legislative process concerning the tax issues that are currently waiting at various judicial forums, the Senate on Monday endorsed four suggestions made by a special committee regarding the money bill, which is known as the Tax Laws (Amendment), Bill, 2024.
The report of the committee, which included members of Pakistan Tehreek-e-Insaf (PTI), Pakistan Peoples Party (PPP), and Pakistan Muslim League-Nawaz (PML-N), was delivered by Special Committee Convener Farooq Hamid Naek.
Azam Nazeer Tarar, the law minister, informed the parliament that the bill included some changes to the tax code. He clarified that while large issues pertaining to the tax would be sent straight to the tax tribunal, smaller matters would be determined by the commissioner.
He said that under the new amendment, there would be set deadlines for deciding tax issues, and if there was a longer wait, there would have to be documentation of the reason. “The money bill streamlines the revenue collection process rather than imposing new taxes,” he continued.
