Pakistan's Federal Board of Revenue has issued Notification SRO 1117(I)/2023 on the insertion of a new Chapter XIIIA - Record of Beneficial Owners in the Income Tax Rules 2002. The new chapter sets out the rules for the provision regarding beneficial ownership that was introduced as part of the Finance Act 2022, requiring every company and association of persons (AOPs) 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 main rules provided by the notification...