President Arif Alvi promulgates ordinance amending tax laws

President Arif Alvi on Monday signed the Tax Laws (Second Amendment) Ordinance, 2022 to increase the Federal Excise Duty (FED) of Rs 36 billion on tobacco industry and other measures including withdrawal of fixed tax on retailers imposed through the electricity bills under the Finance Act 2022.

The president gave approval to the Ordinance on the advice of Prime Minister Shehbaz Sharif under the Article 89(1) of the Constitution.

Under the Ordinance, the amendments have been made to Sales Tax Act 1990, Income Tax Ordinance 2001, Federal Excise Act 2005 and Finance Act 2022.

More details to follow..