Analysing Finance Act 2024

Pakistan has begun its new fiscal year by enforcing the Finance Act 2024 effective from July 1, 2024 onwards unless any retrospective implications have been specified otherwise. It has been noticed that the amendments earlier proposed by the Finance Bill 2024 and the amendments enacted have several differences. The most important question circulating these days is whether this Act is another document for achieving revenue targets to meet the lender’s demands or is there any measure that will also benefit the people of Pakistan. Taxpayers are curious to know whether the government has taken any initiative to widen the tax base or it has just opted for the usual route of taxing the existing taxpayers only. They further want to know whether they have been penalised again for those who are not in the tax net and are contended with operating in the informal sector without going into the documentation process.