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.
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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