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LAHORE: The business community has urged the government to review its decision to withdraw exemption on inter-corporate dividends, which will result in double taxation for the corporate sector, hinder corporatization and business diversification and impede growth of capital markets.
The approval of the Income Tax (Section Amendment) Act 2021 to comply with IMF programme conditions, the businessmen argue, will reduce income tax exemptions for the corporate sector. The bill also proposes removal of a clause that exempts dividend income of the holding company from subsidiaries where the ownership share is more than 55 per cent.
In a letter to Finance Minister Abdul Hafeez Sheikh, Pakistan Business Council CEO Ehsan Malik has stated “the exemption currently provided under clause 103C to the taxing of inter-corporate dividends has helped in consolidation and scaling up of Pakistani businesses. Any change now in the tax laws is likely to negatively impact investment decisions, especial
PPP in no mood to ‘give govt a walk-over’
Lawmaker says Bilawal believes in staying in system and fight, favours limited long march
PPP chairman Bilawal Bhuto Zardari. SCREENGRAB
ISLAMABAD:
Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari has said that if there is one thing that he has learned from his mother, former prime minister Benazir Bhutto, it is to “stay in the system and fight” instead of giving the other side a “walk-over”.
The PPP chief made his party’s intentions clear about the option of resigning en masse from the assemblies and the proposed long march expected to start from March 26 at a luncheon meeting with the lawmakers from different parties during the campaign for the Senate elections.
Incumbent Senate Chairman Sadiq Sanjrani was re-elected as chair of the upper house on Friday after defeating former premier and Pakistan Democratic Movement (PDM) candidate Syed Yousaf Raza Gilani.
Incumbent Senate Chairman Sadiq Sanjrani has been re-elected as chair of the upper house by defeating former premier and Pakistan Democratic Movement (PDM) candidate Syed Yousuf Raza Gilani