The Tax Laws (Amendment) Act, 2024 [the Bill] has been proposed to the National Assembly with the intention of making changes in the Income Tax Ordinance, 2001, the Sales Tax Act, 1990 and the Federal Excise Act, 2005 that intend to curb certain economic transactions by persons not registered for tax.
However, some key new sections proposed will not be applicable until these are notified by the board. This step appears to nudge businesses for proper tax registration. The implementation will remain a challenge due to lack of consistency and clarity.
-Act-2024.pdf/jcr:content/renditions/cq5dam.web.400.600.jpeg)
