AKD Securities Limited - Off the Analyst's Desk (December 22, 2022)

FLASHNEWS:

Cost Adjustments Sought for Islamabad’s 10th Avenue Project Amid Slow Progress

ADB and FBR Collaborate to Advance Digital Tax Administration in Islamabad

FBR to Block SIM Cards of Non-Filers by Mid-May, PTA to Enforce Compliance

Karachi’s Red Line BRT Project Nears Completion, Fueled by Biogas

KE Unveils Plan for 640 MW Renewable Energy Projects Amidst Growing Demand

Brokerage

AKD Securities Limited – Off the Analyst’s Desk (December 22, 2022)

December 22, 2022

Karachi, December 22, 2022 (PPI-OT): Super Tax for tax year FY22 reversed

In a judgment today by the Sindh High Court (SHC), the retrospective application of Super Tax on tax year FY22 has been declared ultra vires to the Constitution. While positive for Companies, the decision is unlikely to bode well from a broader economic context given difficult ongoing negotiations with the IMF.