Islamabad: The Senate Standing Committee on Finance, chaired by Senator Saleem Mandviwalla, discussed the Tax Laws (Amendment) Bill 2024, during which a proposal to ban the PKR 5,000 currency note was tabled.
The committee reviewed various provisions of the bill and approved several key measures aimed at enhancing tax compliance and curbing financial risks.
Approved Provisions:
- Confidentiality Clause: Tax auditors and experts must keep taxpayers’ data confidential.
- Restrictions on Non-Filers: Non-filers will face bans on purchasing vehicles, opening bank accounts, and buying shares.
- Real Estate Transactions: Non-filers will also be prohibited from buying and selling properties.
- High-Risk Data Sharing: Banks will be required to share data on high-risk individuals.
The discussions highlighted the need to address the challenges posed by non-compliance and tax evasion, with the PKR 5,000 note being identified as a potential contributor to illicit financial activities. The proposal to ban the note is seen as part of broader efforts to promote transparency and reduce cash-based transactions.
The Tax Laws (Amendment) Bill 2024 aims to strengthen Pakistan’s tax framework and bring more individuals into the tax net while ensuring financial accountability.
