The Finance Bill 2024 now authorizes the Commissioner of the Federal Board of Revenue (FBR) to request wealth statements and details of foreign assets from any individual or entity. Additionally, the bill’s amendments aim to broaden the scope to include those ceasing business operations, as reported by Business Reporter. These new tax regulations are designed to enhance tax compliance and accountability.
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Moreover, Section 126A, introduced by the Tax Laws (Amendment) Act 2024, provides clarity on valuation for tax purposes and extends the transfer date for pending cases from June 16 to September 16, 2024, in response to the high volume of cases.
These regulatory changes come shortly after the tax authorities established two Anomaly Committees to address errors in the Finance Bill 2024 and to correct anomalies in the proposed tax laws for the 2024-25 fiscal year.
