The government on Wednesday tabled the Tax Laws Amendment Bill 2024 in the National Assembly, extending the role of the Commissioner of Inland Revenue (Appeals) only to dealing with income tax appeals of taxpayers up to Rs 20 million, sales tax appeals up to Rs 10 million. and appeals related to federal excise duty up to Rs.50 lakh have been restricted.
Under the proposed Tax Law Amendment Bill 2024, the government has not abolished the post of Commissioner of Inland Revenue (Appeals), but any income tax appeal involving an amount exceeding Rs 20 million should be decided by the Appellate Tribunal Inland Revenue (ATIR). will Similarly, sales tax appeals of more than Rs 10 million and federal excise appeals of more than Rs 50 lakh will also be transferred to ATIR for decision within a period of six months.
Federal Minister for Law and Justice Azam Nazir Tarar on Wednesday presented a bill to amend the tax law in the National Assembly, which is likely to be approved today.
Federal Minister for Law and Justice Azam Nazir Tarar said that the government is ready for proposals from the opposition and other stakeholders regarding the bill.
He said that for the strengthening of the country’s economy, it is necessary to increase the tax base. The Tax Bar Association has been consulted on the proposed bill.
However, Leader of the Opposition in the National Assembly Umar Ayub suggested that the proposed bill be discussed in the Finance Committee.
#amending #tax #law #powers #ombudsman #limited #bill #Business #Economy
2024-04-25 13:02:25