MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

CONTENTS
PREAMBLE ................................................................................................................................................ 3
SALES TAX RULES, 2006 ........................................................................................................................ 4
SRO 1525 (I)/2023 ISSUED ON NOVEMBER 10, 2023 ..................................................................... 4

INCOME TAX ORDINANCE, 2001....................................................................................................... 8

SRO 1588 (I)/2023 ISSUED ON NOVEMBER 21, 2023 ..................................................................... 8

F.No.7(401) Jurisdiction/2019-180737-R ISSUED ON NOVEMBER 30, 2023 .............................. 10

SECURTIES AND EXCHANGE COMMISSION OF PAKISTAN................................................ 11
CIRCULAR NO. 16 OF 2023 ISSUED ON NOVEMBER 08, 2023 ................................................. 11

SRO 1636(I)/2023 ISSUED ON NOVEMBER 14, 2023 .................................................................... 11

SRO 1666(I)/2023 ISSUED ON NOVEMBER 17, 2023 .................................................................... 11
DIGITAL LENDING APPS WHITE LIST ISSUED ON NOVEMBER 27, 2023 ........................... 13
SINDH SALES TAX ON SERVICES................................................................................................... 15

SRO SRB-OPS/T&P/53/2023 ISSUED ON NOVEMBER 03, 2023 .................................................. 15

SRO SRB-OPS/T&P/54/2023 ISSUED ON NOVEMBER 06, 2023 .................................................. 15
SRO SRB-OPS/T&P/55/2023 ISSUED ON NOVEMBER 13, 2023 .................................................. 15
SRO SRB-OPS/T&P/56/2023 ISSUED ON NOVEMBER 16, 2023 .................................................. 15
SRO SRB-OPS/T&P/57/2023 ISSUED ON NOVEMBER 16, 2023 .................................................. 15
SRO SRB-OPS/T&P/59/2023 ISSUED ON NOVEMBER 21, 2023 .................................................. 15

AT/SRB/Circular/2023 ISSUED ON NOVEMBER 06, 2023 ........................................................... 15

DISCLAIMER .......................................................................................................................................... 16

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

PREAMBLE
Dear Readers,

As a professional organization, we understand the necessity of

staying up to date with laws and regulations that are being amended
and implemented in order to provide quality services to our clients.
With each passing day there are amendments being introduced in the
laws and regulations, and our intention is to keep our users up to date
with each amendment or change.

As part of our monthly procedures, we are humbled to publish our document for updates in laws
stated below in the month of November 2023 through various circulars and SROs with a hope to
enlighten our respectable readers and keep them informed about changes taking in place in tax
and corporate laws of Pakistan.

With that being said, we shall continue with our newsletter explaining SROs passed in the month
of November 2023 covering following areas where applicable:

1. Income Tax Ordinance, 2001

2. Income Tax Rules, 2002
3. Punjab Sales Tax on Services Act, 2012 (Act XLII of 2012)
4. Sindh Sales Tax on Services, Act 2011 (Sindh Act No. XII of 2011)
5. Non-Banking Finance Companies Regulations, 2008
6. Corporate Laws

We hope this newsletter assists our readers to comprehend the amendments made to
aforementioned Acts, Ordinances and Rules during the month of November 2023.

Feedback is always welcomed.

Muhammad Masood Shahid

FCA, FPFA
Partner
Parker Russell A.J.S.
Chartered Accountants

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023
SALES TAX RULES, 2006
SRO 1525 (I)/2023 ISSUED ON NOVEMBER 10, 2023
Through this SRO, amendments to “Special Procedure for Issuance of Electronic Sales Tax
Invoices between Buyers and Sellers” are introduced in Sales Tax Rules, 2006. The amendments
made are as follows;
Rule Before
150Q - The provisions of this Chapter shall
Application apply for electronic transmission of sales
tax invoices by the registered persons
who opt to do so in the manner specified
hereunder.
150R - Every registered person who is engaged
Eligibility to in making supply of taxable goods or
use providing or rendering taxable services
electronic and wishes to use electronic invoicing
invoicing system shall seek prior authorization, in
system writing, from the concerned Collector
before issuing electronic invoices.
150S - The registered person shall issue an
Issuance of electronic sales tax invoice for every
electronic taxable supply made by him, containing
invoice and such information as required under
record section 23 of the Act. The registered
person shall also retain the record and
documents for a period of five years on
electronic media as provided under
section 24 of the Act.
A sales tax invoice may be generated and
transmitted electronically where the
authenticity of the origin and integrity of
the invoice data are guaranteed by means
of either an advanced electronic
signature or electronic data interchange
(EDI) or by any other means as approved
by the188[Collector].
After Amendment (Substituted Rules)
The provisions of this Chapter shall apply
to electronic transmission of sales tax
invoices by the registered persons from
such date and in the manner as may be
specified by the Board through notification
in the official Gazette.",
A registered person, notified under rule
150Q, hereinafter referred to as the
integrated supplier in this Chapter, shall
install electronic invoicing system
provided by a person, licensed under
Chapter XIV-BB of the Sales Tax Rules,
2006.
No sale or supply by an integrated supplier
shall be made without being recorded in
the electronic invoicing system."
The integrated supplier shall issue a real-
time verifiable electronic sales tax invoice
for every taxable supply and service made
by him, containing such information as
prescribed under section 23 of the Act. The
registered person shall also retain the
record and documents for a period of six
years on electronic media as provided
under section 24 of the Act.";
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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

150T - The registered supplier making supplies Integrated supplier shall comply with all
Issuance, under this Chapter shall simultaneously requirements specified by the Board for
recording transmit a copy of all such electronically integration, recording, storage, issuance
and issued invoices to the 190[Collector of and transmission of verifiable electronic
Transmission Sales Tax] having jurisdiction. invoices in real-time, such as provision of
of electronic any hardware, software or connectivity
invoices required under these rules for the purpose
of integration and operations of the
electronic invoicing system."
150U - Use of The registered person may use any Omitted.
formats and electronic invoice message format
controls over provided it contains all the information
transmission specified under section 23 of the Act.
of electronic
invoices The invoice shall be transmitted in a
secure environment, using industry
accepted security technologies in respect
of messages as well as communication
links and networks over which the
invoice is transferred.

During the transfer of invoice data

between the supplier and the buyer, the
registered person shall ensure,--
completeness and accuracy of the
invoice data;

timeliness of processing;

usage of necessary security

measures for authenticity and
integrity of data; and

prevention of duplication of
processing by the recipient.

The registered person shall invariably

maintain a back-up data to overcome any
possible system failure or loss or
corruption of data.

150W – The registered person shall allow access
Audit to the record and documents maintained
in electronic form as and when required
by 191[an Officer of Sales Tax] as
provided under section 25 of the Act.
The integrated supplier shall allow
physical and online remote access to the
record, system, logs and documents
maintained in electronic form as and when
required by the officer of Inland Revenue
as provided under section 25 of the Act.";

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

The 192[an Officer of Sales Tax] shall

have access to—
the operation of any computer
system which generates or
receives sales tax invoices;
supporting documentation
including file structures, etc.,
operational and technical
manuals, audit trail, controls,
safe keeping and information on
how the accounting system of the
registered person is organized;
and
business intelligence tools to
scrutinize the information
available on the system.

The 193[an Officer of Sales Tax] shall be

allowed to obtain any information from
the system in any format, and for this
purpose the registered person shall
provide,--

physical access to system at his

premises; and
in direct access providing
information on electronic media,
or possibly via remote access.

150X - Same The registered buyer who receives The registered buyer who receives
conditions to electronic invoices from the registered electronic invoices from the registered
apply in supplier shall fulfill the same criterion supplier shall fulfill the same criterion and
respect of and conditions for storing them, as are conditions for storing them, as are specified
buyer for specified for the supplier in this Chapter. for the supplier in this Chapter.
receiving
electronic In case the buyer wishes to store the In case the buyer wishes to store the
invoices.- electronic invoices received from the electronic invoices received from the
supplier in a paper-based system, he can supplier in a paper-based system, he can do
do so after obtaining necessary approval so after obtaining necessary approval from
from the 194[ Collector of Sales Tax] the 194[ Commissioner Inland Revenue]
having jurisdiction. having jurisdiction.
150Y - -If the registered person has issued and In case the integrated supplier notified
Failure to stored invoices electronically but has under this chapter contravenes any of the
meet the failed to meet the conditions relating to provisions of this Chapter, he shall be liable
conditions the prescribed procedure, besides other

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023
for electronic legal actions which may be taken for such
invoicing failure, he shall be required to issue paper
system invoices till such time the 195[Collector]
is satisfied that the electronic system of
the registered person is capable of doing
the job.
to penal action as provided under relevant
provisions of the Act.
The integrated supplier notified under this
chapter may apply to the Commissioner
Inland Revenue having jurisdiction, for
extension in time for compliance.
The Commissioner Inland Revenue may
allow extension in time, for upto sixty days
in aggregate with fifteen days intervals, for
integration or compliance under this
chapter from the date of issuance of
notification under rule 150Q:
Provided that such an integrated supplier
shall continue to issue paper invoices until
such extended time the Commissioner
Inland Revenue has allowed.
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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

INCOME TAX ORDINANCE, 2001

SRO 1588 (I)/2023 ISSUED ON NOVEMBER 21, 2023
Islamabad High Court has issued a stay order regarding this SRO which halts the application of
this SRO till next hearing on November 30, 2023. This SRO issued on November 21, 2023 was as
follows;

While exercising the powers of Section 99D of income Tax Ordinance, the “Banking Companies”
are required to determine the Windfall Incomes, Profits and Gains through the method specified
below.

The tax rate shall be Forty percent (40%) for such Income, Profits and Gains.
The Windfall Incomes, Profit and Gains shall be determined according to the calculations
for Calendar Years 2021 and 2022 and then this applies to the Tax year 2022 and 2023.
The payment date of additional tax for the purpose of Section 99D shall be 30th November
and shall be extended for the period not exceeding 15 days with the approval of
Commissioner.
Provided further that such payment shall be made in Federal Treasury through a
Prescribed Challan or Computerized Payment Receipt.
The windfall income, profits and gains shall be computed using the following formula:

Windfall Income, Profits and Gains for TY 2022 (CY 2021) = [ Fx Income2021 – AM2022]

Windfall Income, Profits and Gains for TY 2023 (CY 2022) = [ Fx Income2022 – AM2023]

Where;

TY = Tax Year

CY = Calendar Year

AM = Arithmetic Mean

AM2022 = [ Fx Income2015 + Fx Income2016 + Fx Income2017 + Fx Income2018 + Fx Income2019 +

Fx Income2020 ] / 6

AM2023 = [ Fx Income2016 + Fx Income2017 + Fx Income2018 + Fx Income2019 + Fx Income2020 +

Fx Income2021 ] / 6

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

Fx Income means Foreign Exchange Income as disclosed in Financial Statement or Notes relevant
to Tax Year.

Provided that if Windfall Income for CY 2021 relevant to TY 2022 is negative then the value of
said Windfall Income shall be taken as zero for the purpose of computation of AM2023.

Provided further that, for the purpose of computation of AM2022 or AM2023, where loss has been
disclosed under the head foreign exchange income in any calendar year, such amount of loss
shall be excluded from computation along with exclusion of number of year(s), as used in
denominator of above formula.

The SRO provides following illustrations to enable users to comprehend the amendment by this
SRO.

Illustration 1 – Bank’s Foreign Exchange Income as declared in Financial Statements

Rs. in Billion
CY 2015 2016 2017 2018 2019 2020 2021 2022
FX 1.0 1.1 1.5 2 1.3 1.5 2.5 3.0
Income
Arithmetic mean for AM2022= (1.0+1.1+1.5+2+1.3+1.5)/6 1.4 -
TY 2022
Arithmetic mean for AM2023= (1.1+1.5+2+1.3+1.5+1.4)/6 - 1.46
TY 2023
Windfall Income, profits, and gains 2.5-1.4 = 3.0-1.46
1.1 = 1.54
Windfall Income, profits, and gains for CY 2021 1.1
Windfall Income, profits, and gains for CY 2022 1.54
Total Windfall Income, profits, and gains (CY 2021 + CY 2022) 1.1+1.54 = 2.64
Additional Tax under section 99D @ 40% 1.056

Illustration 2 – Bank’s Foreign Exchange Income as declared in Financial Statements

Rs. in Billion
CY 2015 2016 2017 2018 2019 2020 2021 2022
FX 1.0 -1.1* 1.5 2 1.3 1.5 2.5 3.0
Income
Arithmetic mean for AM2022= (1.0+1.5+2+1.3+1.5)/5* 1.46 -
TY 2022
Arithmetic mean for AM2023= (1.5+2+1.3+1.5+1.46)/5* - 1.55
TY 2023
Windfall Income, profits, and gains 2.5-1.46 3.0-1.55
= 1.04 = 1.45
Windfall Income, profits, and gains for CY 2021 1.04

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

Windfall Income, profits, and gains for CY 2022 1.45

Total Windfall Income, profits, and gains (CY 2021 + CY 2022) 1.04+1.45 = 2.49
Additional Tax under section 99D @ 40% 0.99
* this amount of loss is excluded along with reduction in the number of years.

F.No.7(401) Jurisdiction/2019-180737-R ISSUED ON NOVEMBER 30, 2023

The Federal Board of Revenue has transferred the jurisdiction of following cases;

Cases From
All Cases of Builders Commissioner Special Zone for
& Developers Builders & Developers, RTO
Islamabad
All Cases of Builders Commissioner Special Zone for
& Developers Builders & Developers, CTO
Lahore
All Cases of Builders Commissioner Special Zone for
& Developers Builders & Developers, MTO
Karachi
To
Respective ClRs' RTOS Abbottabad /
Peshawar / Rawalpindi / Faisalabad /
Gujranwala / Sargodha / Sialkot as per
their original / previous jurisdiction i.e.,
before the issuance of Notification No.
7(401) Jurisdictionl2019l280620-R dated
3'd Dec, 2019, except Cases Registered
under l00D
Respective ClRs' RTOS Multan / Sahiwal
/ Bahawalpur as per their origanal /
previous jurisdiction i.e., before the
issuance of Notification No. 7(401)
Jurisdiclionl2019l281620-R dated 3'd
Dec, 2019, except Cases Registered
under l00D
Respective ClRs' RTOs Hyderabad /
Sukkur / Quetta as per their original /
previous jurisdiction i.e., before the
issuance of Notification No. 7(401)
Jurisdiction l2]19l280620-R dated 3'd
Dec, 2019, except Cases Registered
under l00D

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

SECURTIES AND EXCHANGE COMMISSION OF

PAKISTAN
CIRCULAR NO. 16 OF 2023 ISSUED ON NOVEMBER 08, 2023
The specified Circular is related to Adoption of revised timelines for approval of IPO application
and listing of Securities. The revised timelines are attached in the Annexure A of specified SRO.

The timeline can be accessed through following link;

https://www.secp.gov.pk/document/circular-section-172-of-the-securities-act-2015-revised-ipo-
timelines/?wpdmdl=49642&refresh=6568d823c91b91701369891

SRO 1636(I)/2023 ISSUED ON NOVEMBER 14, 2023

In the specified SRO, the Ministry of Information and Broadcasting has advised to not make any
agreement or not to enter into any business relationship with the betting outfits labelled as
Surrogate Companies who have entered in Pakistani Market by entering into sponsorship and
advertisement contracts with number of media and sport enterprises.

The relevant portion of letter issued by Ministry of Information and Broadcasting is reproduced
below for ease of reference:

“These are originally gambling, betting and casino companies. Such operations are mostly run from some"
hostile countries with the motive to destroy the moral fabric of Pakistan, to introduce corruption in
Pakistan team and to put Pakistan into further economic turmoil through moving untaxed money out of
the country in dollars. Many advertisements of such betting surrogate companies are being run on digital,
electronic, social and print media in Pakistan

It is critical to stop all such surrogate betting companies from operating in Pakistan. Therefore, Pakistan
Cricket Board, Pakistan Super League, PSL franchises, club cricket, private leagues, television channels,
radio broadcasters, internet platforms, newspapers, magazines and other media/ advertisement platforms
are strictly advised to not make any agreements and business relations with such surrogate companies and
to not promote them through any kind of advertisement. Moreover, it is advised to immediately terminate
all existing agreements with such surrogate companies.”

SRO 1666(I)/2023 ISSUED ON NOVEMBER 17, 2023

In the specified SRO, there are amendments related to Future Exchange (Licensing and
Operations) Regulations 2017.

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

Regulation 19 – Appointment of Auditor and Related Matters

With this amendment, following sub-regulation (5) is omitted.

“The auditor shall include all the matters which are required to be included in accordance with the
Ordinance and must state that internal controls commensurate with the size and nature of services and
furthermore regulatory function has appropriate resources including human resource.”

Regulation 22 - Obligations pertaining to handling of money and assets of futures

brokers and their customers

Following substitutions are made in the clauses regarding future exchange with this SRO;

Sr. Before Amended

No.
(i) open one or more designated bank
accounts with a scheduled bank in
Pakistan for deposit of money
belonging to futures brokers and their
customers in such form and manner as
may be specified by the futures
exchange from time to time;
(iv) keep records of all amounts deposited
into and paid from the designated bank
account(s) on behalf of each futures
broker and customer;
(vi) if unutilized funds of futures broker or
their customers are held in a profit
bearing bank account, pass on profit
earned on these funds to the futures
broker and their customers in
proportion to their unutilized balance
unless specified otherwise in writing by
the futures broker or customer, after
making contribution to the settlement
guarantee fund at the rate approved by
the Commission and deducting a
service fee at the maximum rate
approved by the Commission:
Provided that before deducting the
service fee, the futures exchange
currently utilizing any portion of
open and maintain one or more designated bank
accounts with scheduled bank(s) in Pakistan, for
deposit of money belonging to futures brokers and
their customers and the money shall either be
deposited in the designated bank account or be
invested in Treasury Bills or Sukuks with original
maturities of 1 year or less, issued by the Government
of Pakistan, in such forms and manner as may be
specified by the futures exchange
keep records of all amounts deposited into and paid
from the designated bank account(s), invested in and
divested from the Treasury Bills or the Sukuks in
terms of clause (i), along with record of return/profit
on such amounts;” and
if funds of futures brokers or their customers are held
in a profit-bearing bank account or invested in terms
of clause (i), pass on profit earned on these funds to
the futures brokers and their customers in proportion
to their balances unless specified otherwise in writing
by the futures broker or customer, after making
contribution to the settlement guarantee fund at the
rate approved by the Commission and deducting a
service fee at a rate not exceeding the rate approved
by the Commission:
Provided that before deducting the service fee, the
futures exchange currently utilizing any portion of
profits on funds of futures brokers or their customers
for any other purpose other than permitted under this
Regulation shall gradually phase-out utilization of

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

profits on unutilized funds of futures such an amount in equal proportion till June 30, 2025
brokers or their customers for any other with an option of earlier phase-out.
purpose other than permitted under
this Regulation shall gradually phase-
out utilization of such an amount in
equal proportion till June 30, 2025.”

Annexure I – Fit & Proper Criteria

The amendment involves the insertion of following new clause (viii) in Para (b) Educational
Qualification and Experience;

“In case of promoters of a futures exchange, such person should have an established and proven track
record of successfully running a business enterprise for at least 10 years”

Annexure III – Terms of Reference of Operational, Regulatory and System Audit of

Futures Exchange Under Regulation 17(8) and Special Audit Under Regulation 17(9)

Furthermore, the amendment involves the insertion of following new sub-clause (vii) in
clause (2) of Annexure-III (Terms of Reference of Operational, Regulatory and System
Audit of Future Exchange Under Regulation 19(8) and Special Audit under Regulation
19(9));

“(vii) assess that the scope, resources including human resource, procedures and reporting mechanism
of the regulatory function including entity level compliance were adequate and effective to ensure
compliance with relevant legal requirements and detect and report any non-compliance in a timely
manner.”

DIGITAL LENDING APPS WHITE LIST ISSUED ON NOVEMBER 27, 2023

Digital Nano Loans are short-term loans with high interest rate and additional charges. It is
essential to that you understand potential risk of indebtedness. Borrow responsibly and only
take loans that you can comfortably repay within the agreed timeframe to avoid financial
difficulties. Always read the terms and conditions carefully before availing any loan. Your
financial well-being is our priority. Securities and Exchange Commission of Pakistan has
updated the list of digital lending applications.

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

Approved- Nano Lending Apps

Sr. Name of NBFCs Application

No.
1 Jingle Cred Financial Services Limited Paisayaar
2 Seedcred Financial Services Limited Barwaqt

Approved- Other Lending Apps (i.e. EWA, BNPL, B2B, B2C, etc)

Sr. Name of NBFCs Application

No.
1 Abhi Private Limited (Earned Wage Access) Abhi – Your Salary Now
2 Tez Financial Services Limited (Buy Now Pay Later) ZoodPay & ZoodMall
3 Cashew Financial Services Limited (B2B Financing) Muawin

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

SINDH SALES TAX ON SERVICES

SRO SRB-OPS/T&P/53/2023 ISSUED ON NOVEMBER 03, 2023

SRO SRB-OPS/T&P/54/2023 ISSUED ON NOVEMBER 06, 2023

SRO SRB-OPS/T&P/55/2023 ISSUED ON NOVEMBER 13, 2023

SRO SRB-OPS/T&P/56/2023 ISSUED ON NOVEMBER 16, 2023

SRO SRB-OPS/T&P/57/2023 ISSUED ON NOVEMBER 16, 2023

SRO SRB-OPS/T&P/59/2023 ISSUED ON NOVEMBER 21, 2023

Through these SRO multiple officers and designations filled have been announced.

AT/SRB/Circular/2023 ISSUED ON NOVEMBER 06, 2023

In the specified Circular, “The Sindh Transparency and Right to Information Act, 2016” the
Appellate Tribunal, Sindh Revenue Board, Karachi has launched a website: www.atsrb.gos.pk
for Official business issuing and uploading of Cause lists, Judgements, Notifications, Circulars
and Information regarding hearing appeals in the best interest of public. The Appellate Tribunal,
Sindh Revenue Board, shall upload all information on the website from time to time.

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

DISCLAIMER
This document is purely based on our understanding of SROs, circulars and guidelines passed
during the month and therefore, it is advised to consult to original document (SRO, circulars and
guidelines) to make a more informed decision.

Further, it is a fact that laws and regulations are regularly amended as per requirements of a
country. Therefore, it is requested to consult this document for SROs, circulars and guidelines
only discussed in the document.

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 MONTHLY TAX & CORPORATE UPDATES –NOVEMBER 2023

CONTACT US

Legacy Tower, 6th Floor, Kohinoor City, Faisalabad. Office # 2, 2nd floor, Ace Uptown-2, Plot # 22-B, Near
Islamabad International Hospital, E-11/2 Islamabad
Tel: 041-8502082-83
Tel: +92-51-2762012

info.fsd@parkerrussell.pk
info.isb@parkerrussell.pk

FAISALABAD OFFICE ISLAMABAD OFFICE

102, QM, The Plaza, Block 9, Kehkashan, Clifton, 2A, 2nd Foor, 10 Civic Centre, Barket Market
Karachi. Garden Town, Lahore.
Tel:+92-42-35882201
Tel+92-21-35361701, 3-4
Info.lhr1@parkerrussell.pk
info.khi@parkerrussell.pk
LAHORE OFFICE - 1
KARACHI OFFICE

33/I-A, Queens Road, Behind Queens Centre,

Lahore.

Tel:+92-4236299250

Info.lhr2@parkerrussell.pk

LAHORE OFFICE - 2

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