NA Committee on Finance Postpones Tax Amendment Bill 2024

The Tax Amendment Bill 2024 has been postponed by the NA Committee on Finance. The NA committee on finance was recommended by its subcommittee that the bill in current form has several issues and people are not ready for such hasty and harsh measures as people are already suffering from lower growth and unemployment issues. All members of the NA committee on finance feared that this bill would cause more damage and people would take their money out of Pakistan. No one in the world proposes to ban property transfers, closure of accounts, or a ban on economic activity just because he is a non-filer. 

The NA Committee on Finance, in its first meeting to debate and vote for the bill, clearly said that the bill might stop the remaining economic activity of Pakistan, and it might make Pakistan's tax fall even worse than what it is at the moment, as everything has to be gradual and cannot be done in one go, and it is not right to close all bank accounts of non-filers and stop them from purchasing property or cars in just one go. 

This is the second time the FBR chairman has been facing a setback. The first was the 1010 car purchase controversy, and the Senate Committee on Finance's dissatisfaction with the FBR chair reply forced the FBR chairman to postpone the purchase of the 1010 car.

Moreover, it seems like Tax Bill Amendment 2024 is deferred till June 2025, and there will be modifications and changes to Tax Amendment 2024 so that it is easy to explain to taxpayers. Moreover, the NA Committee on Finance made it clear that once the software or app claimed by FBR is ready to be demonstrated to the committee, then only it will get will the go-ahead with certain changes recommended by its subcommittee. 

FBR chairman claims that its application will be ready within two months, and it will be demonstrated and will be tested by the committee, once it's ready. It seems like the matter of Tax Amendment 2024 might be delayed till June, and it might be brought up during the budget session for the fiscal year 2026.