- The Finance Bill 2024 was approved by the National Assembly on 28 June 2024 and enacted as the Finance Act 2024 on 29 June 2024.
- Amendments made in the Finance Act will be effective from 01 July 2024.
- Sales Tax amendments include giving powers to the Chief Commissioner to examine blacklisting and suspension orders, setting default surcharge at 12% per annum or KIBOR plus 3% per annum.
- Definitions were adjusted to align with existing provisions, including the definition of associate and tax fraud.
- Best Judgement Assessment in the Sales Tax Act was restructured to align with the Income Tax Ordinance, with a time limitation for nullifying assessment orders.
- The Chief Commissioner now has powers to examine blacklisting and suspension orders.
- A new section in the Finance Act establishes a “Tax Fraud Investigation Wing-Inland Revenue” to deal with cases of tax fraud.
Source: assets.kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
