The Pakistan Federal Board of Revenue has published Notification S.R.O. 234(I)/2018 concerning an amendment to Section 5A of the Income Tax Ordinance 2001 to provide that the undistributed profits tax provided for by Section 5A will not apply in cases where a restriction on the distribution of dividends has been imposed on a company on account of an agreement with the Government of Pakistan. The undistributed profits tax is generally levied at a rate of 7.5% on a public company's accounting profit before tax if the company derives profit for a tax year but does not distribute at least 40%...