ISLAMABAD: The imposition/increase in regulatory duty on the import of 607 items would be applicable from the next day of assent given to the Finance Supplementary (Amendment) Bill, 2018 by the President. The effective date for implementation of revised tax slabs for salaried and non-salaried individuals would retrospectively take place from July 1, 2018.
The Finance Supplementary (Amendment) Bill, 2018 said that the purpose of this bill is to give effect to the fiscal stabilization objective of the government and shall come into force on the next day of assent given to this Act by the President except sections 4(1), 4(2), 4(3)(a) and 4(4) which shall have effect from the first day of July 2018, it added.
Therefore, sections 4(1), 4(2), 4(3) (a) and 4(4) of the Income Tax Ordinance 2001 would be enforced from July 1, 2018. The Section 4 deals with the Amendments of Income Tax Ordinance 2001. The Section 4(1) is related to closure of audit; the section 4(3) is related to the income tax slabs of individuals and section 4(4) covers amendments in the Second (Exemption) Schedule of the Income Tax Ordinance 2001.