Finance Bill 2020-21 (“The Bill”) for the fiscal year 2020-21 was laid before National Assembly on 12th June 2020. The bill has proposed amendments in Income Tax Ordinance, 2001 (“ITO”), Sales Tax Act, 1990 (“STA”), Federal Excise Act, 2005 (“FEA”) among other laws. We have prepared our comments on significant amendments proposed in ITO, STA & FEA. The comments presented are brief and detailed comments will follow after passage of the bill in the National Assembly along with passage of Provincial Finance Bills in respective Provincial Assemblies. Our comments are based on publicly available copies of the Finance Bill. The interpretations of the amendments are based on our understanding of tax law and past practices. These comments are provided for general use of public and should not be used for any specific transaction. We do not guarantee that these interpretations will be acceptable by the tax department.
The comments are prepared for general business understanding of masses.
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