The Senate Standing Committee on Finance and Revenue has unanimously approved the 'Tax Laws (Amendment Bill), 2024,' aimed at tightening regulations, broadening the tax net, and promoting compliance.

Key measures include restrictions on economic transactions for non-filers, enhanced tracking of income and expenditures, and a crackdown on counterfeit goods. These reforms, led by the FBR and supported by banking and tax systems, aim to bridge the Rs. 1.6 trillion tax gap and encourage accurate income declarations.
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