Govt to Extend Tax Laws Ordinance 2022 for Another 120 Days

The government has decided to extend the Tax Laws (Second Amendment) Ordinance 2022 to continue with the taxation measures of around Rs. 38 billion during 2022-23.

Sources told ProPakistani that the Federal Board of Revenue (FBR) has started drafting the provisions of the new Ordinance to extend the date of the Tax Laws (Second Amendment) Ordinance 2022.

Tax Laws (Second Amendment) Ordinance 2022 was promulgated on August 23, 2022. The new taxation measures were taken on August 23, 2022.

The Ordinance would expire after 120 days i.e. December 23, 2022. The National Assembly will pass a resolution for giving an extension of the Ordinance for another 120 days. The new ordinance may extend the date after the expiry of the Tax Laws (Second Amendment) Ordinance 2022. The Ordinance would be extended up to April 2023.

The total measures taken under the Tax Laws (Second Amendment) Ordinance 2022 stood at around Rs. 38 billion. The revenue impact of the tax relief measures through the Tax Laws (Second Amendment) Ordinance 2022 stood at nearly Rs. 19 billion. Therefore, the net impact of measures comes to around Rs. 19 billion.



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