Daily Tax Report: International
July 18, 2022, 5:00 AM
The Pakistani lower house of Parliament (National Assembly) July 14 posted online Act No. XIII, the 2022 Finance Act, published June 30. The law includes measures: 1) defining the ultimate beneficial owner of a company; 2) imposing tax on high earning individuals; 3) adding additional services for the purpose of taxing nonresidents; 4) determining the amount nonresidents are taxed on to apply tax rates to specific payments for services; 5) imposing tax on deemed income from immovable property; 6) abolishing restrictions to claim depreciation on new plants and machinery; 7) increasing the depreciation limit to 7.5 million Pakistani rupees (US$35,788) …
