The table below illustrates the taxes that are imposed on properties for filers. We have made this table with the assumption that the parties are on the Active Taxpayers List and file their taxes on time.
In Pakistan, the execution of foreign judgments is regulated under the Code of Civil Procedure, 1908 (“CPC”). The CPC provides three different options for the enforcement and execution of foreign judgments in Pakistan. This includes (1) direct execution under section 44-A of the CPC where the country rendering the judgment is recognized as a “reciprocating territory”, (2) filing a separate suit in Pakistan on the basis of a foreign judgment under section 13 of the CPC by using the foreign judgment as an independent cause of action; and (3) filing a separate suit on the original cause of action based on the principle that till decree is not satisfied, the cause of action remains intact.
Islamabad High Court strikes down section 7-E of Income Tax Ordinance 2001.
Our team consisting of Sabila Daraz Khan, Aiema Asrar and Fatima Midrar successfully brought a challenge to the vires of the section 7E of the Income Tax Ordinance 2001. ABS & Co’s team represented private clients in several petitions before the Islamabad High Court where section 7E of the Income Tax Ordinance had been challenged on the basis that it is ultra vires to the Constitution of Islamic Republic of Pakistan, 1973.
We are thrilled to announce that the first mediation of its kind in a family matter was led ABS & Co’s Barrister Zainab Nasir Khan.
In a landmark decision, the Lahore High Court’s Pindi bench has developed the doctrine of “ENE” (Early Neutral Evaluation) in a petition filed by ABS & Co that has resulted in the successful acquisition of the company and a resolution of shareholder disputes.
The Pakistan Elections Act 2017 is an important piece of legislation that governs the conduct of elections in Pakistan. It was passed by the Parliament of Pakistan in 2017. The Act repealed several previous electoral laws, including the Representation of the People Act, 1976, and the Conduct of General Elections Order, 2002. The main purpose of the Act is to ensure the transparency, fairness, and credibility of the electoral process in the country. The Act was enacted to streamline the electoral process in Pakistan and to address some of the shortcomings in the previous electoral framework. The Pakistan Elections Act 2017 introduced several new provisions and amendments, including the use of biometric verification for voter identification, the appointment of a caretaker government to oversee the electoral process, and the creation of an Election Commission to ensure the impartiality of the electoral process.
The principal law governing buying and selling of immovable property, or land, in Pakistan is the Transfer of Property Act, 1882 (the “Act”). However, some rights in immovable property may be acquired, under other laws, through easements and licenses. Land may be acquired, though only for public purposes or, for enterprises, in public interest, through compulsory acquisition under various Land Acquisition laws.
In an important development for overseas Pakistanis, the Islamabad High Court has ruled that a complaint under the Illegal Dispossession Act 2005 filed through a special attorney is maintainable.
We are pleased to announce that Sarjeel Mowahid and Ahmed Reza Mirza from our team wrote the Pakistan chapter for Lexology’s Foreign Investment Review providing a detailed background to the legal and regulatory framework governing foreign investments in the country.
COVID-19’s outbreak has called for many industries to immediately change their approach towards the Pandemic. The industry most severely affected is the pharmaceutical industry and in lieu of this Barrister Shahrukh Iftikhar and his team at ABS & Co, have drawn up this alert outlining the influence of COVID-19 on medicine and therapeutic drugs. The alert aims to provide a better legal understanding of how the pharmaceutical industry is regulated and the measures being taken by different players to combat the virus, while giving country wise paradigms. It also takes into account the efforts being taken by companies in different countries to produce a vaccine and the future implications these companies may face in light of intellectual property law.
In a significant development for the banking sector, a five-member bench of the Lahore High Court has dismissed a set of petitions challenging the constitutionality of section 15 of the Financial Institutions (Recovery of Finance) Ordinance 2001. Banks are now entitled to sell mortgaged property without the intervention of the court and recover their debt(s) without having to obtain a decree to that effect from the banking court.
A common problem that arises in construction contracts is the Engineer’s failure to give his determination or decision within the time stipulated in the contract. Under FIDIC’s 1999 Red Book, a contractor can file a claim under Sub-Clause 20.1 of the GCC for extension of time and/or additional payment.
This note summarizes some of the key changes being made to the legal and regulatory framework as part of the FATF Bills.
On May 15, 2020 the government notified major changes to the Public Procurement Rules (PPRA) 2004 by introducing new concepts such as E-procurement, Framework Agreements and Unsolicited Proposals.
This client alert provides a brief overview of the steps taken by the State Bank of Pakistan (SBP) to dampen the effect of the economic dislocation(s) caused by COVID-19. This includes relief for businesses not just in the manufacturing sector but also those in construction, logistics, FMCG, tourism and automobile sectors.
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