Senate adopts tweaks to money bill

The Senate adopted on Monday four recommendations of a special committee related to the money bill in the form of the Tax Laws (Amendment), Bill, 2024, aimed at streamlining the legislative process related to the taxes cases pending at various legal forums.

Special Committee Convener Farooq Hamid Naek presented the report of the committee, which comprised representatives of all three main political parties  Pakistan Muslim League-Nawaz (PML-N), Pakistan Peoples Party (PPP), and Pakistan Tehreek-e-Insaf (PTI).

Law Minister Azam Nazeer Tarar told the house that the bill contained some amendments to tax laws. He added that small cases related to the tax would be decided by the commissioner, while big cases would be directly referred to the tax tribunal.

As per the new amendment, he added, the timelines for deciding on the tax cases would be fixed and in case of more time reasons for delay would have to be recorded. “No new tax is being imposed through the money bill, rather the revenue collection process is being streamlined,” he added.