This memorandum contains an economic review, highlights of fiscal proposals and explanatory description of the significant changes in the Income Tax, Sales Tax, Federal Excise and Customs Duty laws proposed through Finance Bill, 2020. It also contains the amendments introduced through the Tax Laws (Amendment) Ordinance, 2020, which are now covered under the Finance Bill.
This Memorandum summarizes salient features of the provincial budget and the Finance Bill presented in the Provincial Assembly of Punjab. All changes proposed through the Provincial Bill are effective July 1, 2020, subject to approval by the Provincial Assembly of Punjab for the TY 2020. Proposed modifications in certain other Provincial laws are also summarized [...]
The National Assembly approved the Finance Bill 2020 with certain amendments proposed therein and after the assent of the President of Pakistan, Finance Act, 2020 has been enacted on 30 June 2020. This publication contains a review of changes made in Income Tax Ordinance, 2001, Sales Tax Act, 1990, Federal Excise Act, 2005 and The [...]