On 26 June 2014, Pakistan's Finance Act 2014 was enacted, which includes the provisions set out in budget 2014/2015. The main changes include:
- The corporate tax rate (CTR) is reduced from 34% to 33%
- Introduction of an alternate corporate tax (ACT) of 17% on accounting income of companies continuously declaring very low income or losses - higher of corporate tax or ACT will be payable, although ACT can be carried forward for up to 10 years to alleviate the burden on companies with genuine lo…