The government has formalised some of its tax reforms by passing the Income Tax (Amendment) Bill, 2024, which is basically identical to the recent ordinance which was derided by the opposition and industry groups. The bill, like the ordinance, aims to tackle the complexities faced by taxpayers, especially regarding higher tax rates imposed on income derived from federal government securities.

It also prohibits non-filers from most banking activities including opening accounts; bars immovable property........

© The Express Tribune