{"id":61430,"date":"2020-02-14T11:56:17","date_gmt":"2020-02-14T06:56:17","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=61430"},"modified":"2020-02-14T11:56:18","modified_gmt":"2020-02-14T06:56:18","slug":"na-panel-approves-legislation-tax-laws","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/na-panel-approves-legislation-tax-laws.html","title":{"rendered":"NA panel approves legislation on tax laws"},"content":{"rendered":"\n<p>Islamabad: The National Assembly (NA) Standing Committee on Finance and Revenue on Thursday provided its approval to the \u2018Tax Laws (Second Amendment) Bill, 2020\u2019 draft, a news source reported. As per the publication, most of the clauses in the said legislation pertain to the imposition of penalties and fines \u2014 and to empowering the country\u2019s taxation agencies with administrative authority.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/finance-bill-2018-2019-passed-by-national-assembly.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Finance Bill 2018-2019 passed by National Assembly (opens in a new tab)\">Finance Bill 2018-2019 passed by National Assembly<\/a><\/p>\n\n\n\n<p>Member of National Assembly (MNA) Faiz Ullah chaired a meeting of the NA Standing Committee on Finance and Revenue to this effect. The member (Customs) informed the committee about the prominent features of the provision. The attendees discussed the bill at length and passed it unanimously without any amendment.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-amend-tax-laws-penalise-non-filers.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"FBR to amend tax laws to penalise non-filers (opens in a new tab)\">FBR to amend tax laws to penalise non-filers<\/a><\/p>\n\n\n\n<p>Through the Tax Laws (Second Amendment) Ordinance, the government is expected to impose fines and penalties on gold, silver, platinum, and currency smuggling \u2013 as per the requirements communicated by the Financial Action Task Force (FATF).<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/chinese-investors-seek-changes-tax-laws.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Chinese investors seek changes in tax laws (opens in a new tab)\">Chinese investors seek changes in tax laws<\/a><\/p>\n\n\n\n<p>Moreover, the traders from Faisalabad told the committee about the problems confronted by the local business community due to the <a href=\"https:\/\/www.zameen.com\/news\/cnic-condition-re-enforced-purchases-over-exceeding-pkr-50000.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Computerised National Identity Card (CNIC) (opens in a new tab)\">Computerised National Identity Card (CNIC)<\/a> condition. They claimed that the said policy had disrupted business activity in the country.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sc-seeks-report-legislation-patwaris.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"SC seeks report on legislation regarding patwaris from centre, provinces (opens in a new tab)\">SC seeks report on legislation regarding patwaris from centre, provinces<\/a><\/p>\n\n\n\n<p>In\nresponse, the committee members directed the Federal Board of Revenue (FBR) to\nnegotiate the matter with the traders and resolve it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The National Assembly (NA) Standing Committee on Finance and Revenue on Thursday provided its approval to the \u2018Tax Laws (Second Amendment) Bill, 2020\u2019 draft, a news source reported. As per the publication, most of the clauses in the said legislation pertain to the imposition of penalties and fines \u2014 and to empowering the country\u2019s taxation agencies with administrative authority. Read: Finance Bill 2018-2019 passed by National Assembly Member of National Assembly (MNA) Faiz Ullah chaired a meeting of the NA Standing Committee on Finance and Revenue to this effect. The member (Customs) informed the committee about the prominent features of the provision. The attendees discussed the bill at length and passed it unanimously without any amendment. Read: FBR to amend tax laws to penalise non-filers Through the Tax Laws (Second Amendment) Ordinance, the government is expected to impose fines and penalties on gold, silver, platinum, and currency smuggling \u2013 as per the requirements communicated by the Financial Action Task Force (FATF). Read: Chinese investors seek changes in tax laws Moreover, the traders from Faisalabad told the committee about the problems confronted by the local business community due to the Computerised National Identity Card (CNIC) condition. They claimed that the&hellip;<\/p>\n","protected":false},"author":76,"featured_media":60257,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015,15016],"tags":[19306,7391,19304,19305],"persona":[],"class_list":{"0":"post-61430","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"category-new-developments","9":"tag-tax-laws-second-amendment-bill","10":"tag-7391","11":"tag-legislation-on-tax-laws","12":"tag-national-assembly-na","13":"cat-15015-id","14":"cat-15016-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>NA panel approves legislation on tax laws - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The National Assembly (NA) Standing Committee on Finance and Revenue on Thursday provided its approval to the \u2018Tax Laws (Second Amendment) Bill\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/na-panel-approves-legislation-tax-laws.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NA panel approves legislation on tax laws - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The National Assembly (NA) Standing Committee on Finance and Revenue on Thursday provided its approval to the \u2018Tax Laws (Second Amendment) Bill\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/na-panel-approves-legislation-tax-laws.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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