Business Desk 
Dec 25, 2024
An undated image of the Federal Board of Revenue (FBR) building. — Facebook
With citizens of Pakistan irked with new tax laws imposing additional taxes on the salaried class, the Federal Board of Revenue of Pakistan (FBR) has assured that 95% of households will remain unaffected by the Tax Laws Amendment Bill 2024.
The authority conveyed the relieving remarks to the Senate Standing Committee on Finance on Tuesday, reassuring that the changes in the tax laws were introduced for tax evaders.
While average tax-ridden residents are concerned with the recent amendments to the tax laws, the FBR clarified that the government with the new tax laws aims to collect an additional Rs5 trillion within the next five years.
It was disclosed to the committee while deliberating on Tax Laws Amendment Bill 2024 in the absence of the ruling party senators. However, Minister for Finance Mohammad Aurangzeb and Minister of State for Finance Ali Pervez Malik attended the meeting.
Adjourning the meeting till the next panel discussion, Senator Saleem Mandviwalla chaired the meeting at the Parliament House.
FBR Chairman Rashid Mahmood Langrial said the Tax Policy Unit will analyse the data to determine the impact of tax rates as part of the overall economic outlook of the country.
In this regard, the finance minister was confident that the Tax Laws Amendment Bill 2024 would facilitate in increasing the tax-to-GDP ratio from the existing 10.3% to 13% within the next five years, a step to come on par with the tax-to-GDP ratio of our neighbouring countries standing at 18%.
