Commentary-Finance Act 2016

Commentary-Finance Act 2016

The Budget Brief 2016 contained a review of economic scenario and highlights of Finance Bill 2016 as related to direct and indirect taxes and certain other laws.

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This publication includes our comments on the amendments enacted in the Income Tax Ordinance, 2001, Sales Tax Act, 1990, Federal Excise Act, 2005, Customs Act, 1969, Islamabad Capital Territory (Tax on Services) Ordinance, 2001. The provisions of the Finance Act, 2016 are generally applicable from 01 July 2016, unless otherwise specified. 

These comments represent our interpretation of the legislation, and we recommend that while considering their application to any particular case, reference be made to the specific wordings of the relevant statutes.

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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