Read the recent article by the Financial Times on the government’s decision to withdraw the proposed ADR tax on the banking industry.
Quoted in the article, Chairman PBA Zafar Masud said that these changes would be a way of killing the distortion that had emerged as a result of the planned ADR tax. He further stated, “While the additional taxation is never an ideal situation…in this case, the industry is most pleased to contribute towards the public exchequer in this hour of need for the government.”
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