Senate body okays draft law to curb tax evasion

As a Senate body approved the tax amendment bill on Thursday, the Federal Board of Revenue (FBR) announced that it had issued notices to some 169,000 influential individuals to bring them into the tax net, warning that more such people would be traced as the country move to digitise its tax process. The Tax Amendment Bill 2024, cleared by the Senate Standing Committee on Finance and Revenue, is aimed at tightening regulations and curbing tax evasion. It empowers the FBR to bar non-filers from purchasing vehicles over 800cc, opening bank accounts, buying property above a specified limit or acquiring shares. The bill will now return to the National Assembly for final approval and become an act of parliament. However, the federal cabinet’s consent would be required for the FBR to exercise these new powers.