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A Brief on Finance Supplementary (Second Amendment) Act, 2019

A Brief on Finance Supplementary (Second Amendment) Act

On 23 January 2019, the Finance Minister presented Finance Supplementary (Second Amendment) Bill 2019 in the National Assembly for amendment of certain provisions of the Federal tax laws which has subsequently been passed by the National Assembly.

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Saqib Masood

Partner and Head of Location - Karachi

KPMG in Pakistan

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Second Supplementary Act, 2019

Finance Supplementary (Second Amendment) Act 2019 thereafter has been assented by the President and published in the Gazette of Pakistan on 11 March 2019. We are pleased to summarize our comments containing our interpretation of the enacted legislation in this brief.

The 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 the date given within legal provisions, and some from 01 July 2019 whereas specified amendments in Customs Act, 1969 from 31 March 2019.

We recommend that while considering their application to any particular case, reference be made to specific wordings of the relevant statutes.

The Budget Brief can also be accessed on our website.

A Brief on Finance Supplementary (Second Amendment) Act, 2019 (Download PDF 2.6 MB)

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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

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