The Finance (No.2) Act 2019 has been extended to listed companies with effect from 5 July 2019. This created hardships for listed companies who had publicly announced buy-backs before 5 July 2019 but not completed it by that date. The Ordinance relaxes the applicability in respect of buy-backs by listed companies in reference of which public announcement of buyback as per regulatory norms has been made before 5 July 2019. Thus, the buy-back tax will apply in case of listed companies where public announcement of buyback is made on or after 5 July 2019.