Pakistan: Overview of ultimate beneficial ownership provisions and reporting framework
A report summarizing requirements of ultimate beneficial ownership provisions and reporting framework
Overview of ultimate beneficial ownership provisions and reporting framework
Finance Act 2022 added Section 181E to the Income Tax Ordinance, 2001 requiring companies and associations of persons to electronically disclose and update their beneficial owner details. The specific reporting requirements were recently provided in SRO 1117(I)/2023 dated 28 August 2023—introducing a new Chapter XIIIA Record of Beneficial Owners in the Income Tax Rules, 2002.
Read a November 2023 report [PDF 397 KB] prepared by the KPMG member firm in Pakistan that summarizes the requirements.
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