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20 June 2016

Pakistan releases 2016-17 Budget

Pakistan's Minister of Finance released the 2016/17 Budget (Budget) on June 3. Key issues relevant to corporations include a one percentage point reduction in the corporate tax rate, tax on capital gains on the sale of immovable property, a repeal of zero tax rate on capital gains on securities and extensions of existing tax credits for certain industrial undertakings. In addition, the Budget introduces a transfer pricing documentation and the country-by-country (CbC) reporting requirement as recommended in the Organisation for Economic Co-operation and Development (OECD's) final report on transfer pricing documentation and CbC reporting as part of the Base Erosion and Profit Shifting (BEPS) project.

A Tax Alert prepared by EY's Global Tax Desk Network, and attached below, provides additional details.

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ATTACHMENT

Full text of Tax Alert 2016-1071

Document ID: 2016-1071

 

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