Pakistan's Federal Board of Revenue has published the Income Tax (Amendment) Ordinance 2022, which was promulgated on 2 March 2022 with immediate effect. One of the main measures of the ordinance provides a loss carryforward incentive for companies that acquire a majority of the share capital in a "sick industrial unit" through a scheme of amalgamation or merger. This includes that the acquiring company will be entitled to set off the latest tax year and carried forward losses of the acquire…