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This Memorandum has been prepared to facilitate our clients in better understanding of the changes made in Income Tax, Sales Tax and Federal Excise Duty through the Federal and Provincial Finance Acts, 2021. The changes have been explained in a concise manner and insignificant changes of consequential, administrative, procedural or editorial nature have been ignored for the sake of brevity.

Included under the heading of Income Tax Ordinance, 2001 is a dedicated portion, titled "General", which covers complete rates of income tax, schedule of filing of various periodical statements, rates for deduction of income tax at source, filing date of income tax return, computation of advance tax, etc., for convenience and ready reference of our clients.

The Finance Acts, 2021, unless otherwise stated, shall come into force on 01 July 2021.

It is recommended that the text of the Finance Acts, 2021 as published in the Official Gazette and the relevant laws and notifications, wherever applicable should be referred to in considering the interpretation of any provision. This Memorandum contains only general comments. Final decision on any issue should not be taken without detailed consideration and professional advice.

This Memorandum should not be published in any manner without the consent of the firm. For professional advice, you may contact our following tax experts:

Lahore Office:
Sarfraz Mahmood
Muhammad Arshad
Karachi Office:
Junaid Ashraf
Muhammad Waqas
Faisalabad Offic:e
Liaqat Ali Panwar
Pirzada M. Khurram
Islamabad Office:
Raheel Arshad
Bilal Ahmad