The Senate Standing Committee on Finance approved the Tax Laws Amendment Bill 2024, which would impose restrictions on non-filers regarding opening bank accounts and buying and selling vehicles, shares, and property.
The committee also formed a subcommittee to address the solar scandal.
Senator Salim Mandviwala presided over the committee meeting. It was held in Islamabad to discuss the tweaks to tax law.
Committee members, including the chairman, raised questions, emphasising that individuals would need to declare their purchases in their tax returns before buying anything. Many people operate business accounts but “are not registered as filers.”
PTI Senator Shibli Faraz commented that tax evaders “are often let off while genuine taxpayers are pursued.” This statement elicited laughter from the committee members. In response, State Minister for Finance Ali Pervaiz pointed out that “even the senator himself sometimes tries to hide.”
The committee chairman inquired about the status of the billions of rupees involved in the solar scandal, noting that after the filing of a case, the matter has stalled.
The Federal Board of Revenue officials stated that the suspects are absconding. The state finance minister stated that efforts are under way to raise the tax-to-GDP ratio to 13.5 per cent.
The committee approved a provision to keep taxpayer data confidential for tax auditors and experts. It also approved a clause imposing restrictions on non-filers regarding the purchase and sale of vehicles, bank accounts, shares, and property. A provision for sharing the data of high-risk individuals with banks was also approved.
