Senate Standing Committee approves Tax Laws Amendment Bill 2024

Senate Standing Committee on Finance which met under the chair of Senator Saleem Mandviwalla approved the Tax Laws Amendment Bill 2024, reported 24NewshD TV channel. 

According to the draft of the bill, non-filers will not be able to purchase luxury vehicles, properties and Bungalows. Moreover, opening of bank accounts and sale and purchase of share in stock exchanged will be banned for non-filers. 

During the meeting, PTI Senator Mohsin Aziz presented the proposal of imposing ban on Rs5,000 currency note. He said Federal Board of Revenue was promoting the cash economy through this law.

According to Tax Laws Amendment Bill 2024, Standing Committee passed a clause to keep the data of taxpayers confidential and suggested complete ban on non-filers from buying big vehicles, opening bank accounts and buying shares. The committee approved the provision to share data of high-risk individuals with banks. According to the draft, non filer will not be able to open current and saving account, however unregistered persons will be allowed to operate simple account in banks. Chairman FBR said non-filers have to prove their financial ability before buying a car, property, these people have to tell the sources of income in their statements before buying. The unregistered individuals will only be allowed to operate ‘Asaan Account’ bank accounts. 

Earlier, the State Bank of Pakistan (SBP) clarified that winners of the art competition for banknote designs announced on September 5 were not the short-listed designs for the new currency notes. “The SBP initiated the process for designing of the new banknote series in January this year with the announcement of an Art Competition for thematic design ideas of the new banknote series. The actual designs of the proposed new series are being designed by reputed international firms selected through a competitive process,” the central bank said in a statement.