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        News and Press Release

        Taxation Laws (Amendment) Ordinance 2019

        September 20, 2019

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        Notes

        1. For Further Correction seeCORRIGENDUM dated 26-08-2019

        Taxation Ordinance introduces optional 22% and 15% corporate tax regimes for domestic companies and new manufacturers. The ordinance creates two elective tax regimes for domestic companies: a 22 percent option requiring computation of total income without a specified set of deductions and without set-off of related carried-forward losses, and a 15 percent option for new domestic manufacturing companies meeting formation, commencement, asset-use and activity restrictions; each option must be exercised by the prescribed due date and, once exercised, applies to subsequent assessment years with limited withdrawal rights.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Taxation Ordinance introduces optional 22% and 15% corporate tax regimes for domestic companies and new manufacturers.

                                The ordinance creates two elective tax regimes for domestic companies: a 22 percent option requiring computation of total income without a specified set of deductions and without set-off of related carried-forward losses, and a 15 percent option for new domestic manufacturing companies meeting formation, commencement, asset-use and activity restrictions; each option must be exercised by the prescribed due date and, once exercised, applies to subsequent assessment years with limited withdrawal rights.


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