Tax Law (First Amendment) Bill likely to be approved today
ISLAMABAD: The cabinet committee for disposal of legislative cases is likely to approve Tax Law (First Amendment) Bill 2024 on Thursday to abolish the post of Commissioner Inland Revenue (Appeals).
Sources informed that the federal law minister will chair the meeting of CCLC on Thursday.
The chair will consider Ministry of Finance’ summary pertaining to the Tax Law (First Amendment) Bill 2024.
The Tax Law (First Amendment) Bill 2024 has proposed that the appeals filed before the Appellate Tribunal (Inland Revenue) would be deemed to be dismissed in case the tribunal failed to decide the matter within 120 days period.
The forum of the first appeal; i.e., Commissioner IR (Appeals) has been proposed to abolished under the Income Tax Ordinance 2001, Sales Tax Act 1990 and Federal Excise Act 2005.
The time for filing of an appeal before the tribunal would be reduced from exiting 60 days to 30 days.
The time period available for the decision of an appeal by the Appellate Tribunal (Inland Revenue) has been reduced from 180 days to 120 days.
The first stage of appeal would be Appellate Tribunal (Inland Revenue). The aggrieved taxpayers would have to approach the Appellate Tribunal (Inland Revenue) for filing of appeal at the first stage.
According to agenda of the CCLC, the chair will take up four summaries of the Ministry of Aviation.
One is related to notification for the rules for the appointment of Director General Pakistan Civil Aviation Authority; Pakistan Airport Authority; Notification for the Rules for Appointment of Private Board Members of Pakistan Airports Authority and Notification for the Rules for Appointment of Private Board Members of Pakistan Civil Aviation Authority.
The meeting will also take up a summary pertaining to Legal Aid and Justice Authority Rules 2023, besides the Privatisation Division will present a summary pertaining to the substituting of the Words “Federal Government” with Appropriate Authorities.
Copyright Business Recorder, 2024
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