The Federal Board of Revenue has introduced new amendments to the Income Tax Rules, 2002 via a draft proposal on Feb 28, 2023.
The new rules will be specifically related to the record-keeping of beneficial owners.
Beneficial ownership refers to the individuals who ultimately have control over a company or an Association of Persons (AOP) or who benefit from its activities.
The new rules will make it compulsory for all companies and AOPs in Pakistan to provide information about their beneficial owners to the Federal Board of Revenue.
