Pakistan's Federal Board of Revenue (FBR) has issued a notification on new draft rules for the record of beneficial owners. As previously reported, the Finance Act 2022 introduced a new provision regarding beneficial ownership, which requires every company and association of persons (AOP) to electronically furnish particulars of its beneficial owners in such form and manner as may be prescribed, and to update the particulars of its beneficial owners as and when there are any changes. The draft rules provide for the implementation of these new requirements. The main rules are as follows: Every company and AOP on its initial...