ISLAMABAD: President of Pakistan Asif Ali Zardari on Friday approved the Tax Laws (Amendment) Bill 2024 under Article 75 of the Constitution.
As per the reports, the bill proposes to amend laws relating to taxes and duties, a news release from the President’s House said.
The amendments made by the bill include changes in Sections 30DDD, 43, 45B, 46, and 47 of the Sales Tax Act, 1990.
Similarly, through the amendment bill, changes have been made in sections 29, 33, 34, and 38 of the Federal Excise Act, 2005, and in sections 122A, 124, 126A, 130, 131, 132, 133, and 134A of the Income Tax Act.
It may be mentioned here that the National Assembly (NA) passed the Taxation Laws (Amendment) Bill 2024 on April 29, which will give legislative effect to the federal government’s taxation proposals.
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The House took up the bill as a side item, and Law and Justice Minister Azam Nazir Tarar introduced the bill.
The House passed the amended bill, which aims to give legislative effect to the federal government’s taxation proposals to dispose of a large number of appeals pending before the Commissioner IR (Appeals) and Appellate Tribunals as ATIR. The appellate hierarchy is the final fact-finding authority. provided in the Finance Rules.
Over the years and for various reasons, including arbitrary constitution of benches, inadequate number of benches, delay in allocation of cases, and disposal of appeals, revenue of Rs 2 trillion has been stuck in litigation before the ATIR.
