The Finance Act 2018 was approved and assented by the President on 24 May 2018.
The incumbent Finance Minister on 18 September 2018 presented Finance Supplementary (Amendment) Bill 2018 [Amendment bill] in the National Assembly for amendment of certain provisions of the Federal tax laws.
The Amendment bill has been approved and assented by the President on 10 October 2018 hereinafter referred as Amendment Act.
We are pleased to summarize our comments containing our interpretation of the enacted legislation in this brief.
We recommend that while considering their application to any particular case, reference be made to specific wordings of the relevant statutes.
The amendments takes effect from the next date of assent given by the President. However, certain amendments in the Income Tax Ordinance, 2001 are effective from 01 July 2018.
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