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" TAX MEMORANDUM, 2012 TAX MEMORANDUM, 2012 COMMENTS ON BUDGET & FISCAL LAWS By Anjum Asim Shahid Rahman, Chartered Accountants, Karachi, Lahore, Islamabad Finance Bill 2012 This Memorandum summarizes an overview of economy for the years 2011-2012 and the important changes proposed through the Finance Bill 2012. It contains comments on the budget and on the Finance Bill 2012, including highlights, of the changes brought through the Income Tax Ordinance, 2001, the Sales Tax Act, 1990, the Federal Excise Act, 2005, the Custom Act, 1969, the Finance Act, 1989, the Securities and Exchange Commission of Pakistan Act, 1997, Oil and Gas Regulatory Authority Ordinance, 2002, Petroleum Products (Petroleum Levy) Ordinance, 1961 and the Provisional Collection of Taxes Act, 1931. The amendments proposed through the Income Tax Ordinance, 2001 and through other laws are intended to be effective once the parliament has accorded it's assent and thereafter, would be effective from July 01, 2012 i.e. tax year 2013 unless otherwise indicated. Whereas certain provisions relating to custom duty, excise duty and sales tax have been made applicable from June 2, 2012. This Memorandum is intended to provide general guidance to the readers on the important changes brought through the bill and should not be considered as a substitute for specific advice relating to a particular enactment. For considering the precise effect of a proposed change, reference should be made to the appropriate wordings in the relevant statute and the notifications issued where relevant. The Memorandum has been prepared exclusively for the use of our clients and staff, based on information available with us till the time of giving it for printing. Printing of this Memorandum, in any manner, is strictly prohibited…