Investment in new plant, machinery: provisions allowing tax credits being extended for three years
The Federal Board of Revenue (FBR) has said that the operation of provisions allowing tax credits on investment in new plant and machinery by an existing industrial undertaking or establishment of new industrial undertakings is being extended for further three years in the budget (2016-17).
Non-resident companies: FBR issues separate procedures/conditions
The Federal Board of Revenue (FBR) has made it mandatory for non-resident companies (having no Permanent Establishment in Pakistan) to be registered to provide tax registration or incorporation document from relevant regulatory authorities of the foreign country.
Wheeling of electricity: Nepra approves regulations
National Electric Power Regulatory Authority (Nepra) has approved regulations for wheeling of electricity aimed at improving and opening up power sector and promote competition.
The UAE’s New Bankruptcy Law – A Bankable Solution?
The new UAE bankruptcy law (Federal Law No. 9 of 2016) (the “New Bankruptcy Law”) was published on 29 September 2016 and came into effect on 29 December 2016.
Increasing tax revenues has proven to be a significant challenge for recent Pakistani governments. The stagnation of the tax to GDP ratio to around 10 percent has widely been attributed to a host of inter-connected factors including weak enforcement, fragmented revenue administrations, low compliance by taxpayers, generous and distortionary exemptions and concessions to entire sectors of the economy and narrow tax bases.
Memorandum on Pakistan Companies Ordinance, 2016 – Salient Changes
The Companies Ordinance, 2016 (the “2016 Ordinance”) was promulgated on 11 November 2016 and repealed the Companies Ordinance, 1984 (the “1984 Ordinance”), save for the provisions appearing in Sections 282A to 282N of the 1984 Ordinance relating to Non-Banking Finance Companies. This memorandum outlines the material changes brought about by the 2016 Ordinance.
