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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

Abdul hafeez sheikhFarrukh khanEhsan malikPakistan stock exchangePakistan business councilIncome taxSection amendmentFinance minister abdul hafeez sheikhStock exchangeஅப்துல் ஹபீஸ் ஷேக்பறிருக் காந்எஹசன் மாலிக்பாக்கிஸ்தான் ஸ்டாக் பரிமாற்றம்பாக்கிஸ்தான் வணிக சபைவருமானம் வரிபிரிவு திருத்தம்