The Finance Minister today presented Finance Supplementary (Amendment) Bill 2018 in the National Assembly for amendment of certain provisions of the Federal tax laws.
We are pleased to summarize our comments containing our interpretation of the proposed legislation in this brief.
The proposed amendments shall take effect from the next date of assent given by the President. However, certain amendments in the Income Tax Ordinance, 2001 shall be effective from 01 July 2018.
We recommend that while considering their application to any particular case, reference be made to specific wordings of the relevant statutes.
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