Sunday, 26 May 2024
Trending
Beneficial owners definition budget proposals 2022 2023
Budget Proposals 2022-2023

Definition of Beneficial Owners | Budget Proposals 2022-2023

The bill has proposed to introduce the definition of beneficial owner in budget for the financial year 2022-2023.

Every company and Association of Persons (AOP) is proposed to electronically submit details of beneficial owners and any change in their particulars. Specific rules are expected to be promulgated in this regard. A penalty of Rs 1 million is proposed for each default.

The expression ‘beneficial owner’ is defined to mean a natural person who-

(a) ultimately owns or controls a company or AOP, whether directly or indirectly, through at least 10% shares or voting rights; or

(b) exercise ultimate effective control, through direct or indirect means, over the company or AOP including control over the finances or decisions or other affairs of the company or AOP. The Companies Act, 2017 also requires maintaining information in respect of ultimate beneficial owners of a company. However, such provisions require information in respect of natural persons who ultimately own or control a company through at least 25% shares or voting rights.

tax consultants near me
See also  Pakistan Super Tax | Govt Charged 10% Super Tax on 13 Sectors
Newsletter
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

[contact-form-7 id="11414" title="Contact form 1"]

Tax.net.pk - Your Tax Experts and Consultants

Welcome to Tax.net.pk

Providing Expert Tax Services for Individuals and Businesses

About Us

At Tax.net.pk, we are dedicated to providing comprehensive tax solutions tailored to meet the needs of individuals and businesses. With years of experience in the industry, our team of tax experts is equipped to handle various tax matters, including tax planning, preparation of tax returns, and compliance.

We strive to stay up-to-date with the latest tax laws and regulations, ensuring that our clients receive accurate and reliable advice. Our commitment to client satisfaction and our in-depth knowledge of the tax landscape make us the trusted choice for all your tax-related needs.

Contact Us

For inquiries or to schedule a consultation, please reach out to us: