There has been a category shift from Poverty Alleviation Tax to Super Tax which taxes high earnings of more than PKR150mn; highest tax bracket of 4% for more than PKR300mn income. These sectors include, Airlines, Automobiles, Beverages, Cement, Chemi...

The FY23 Budget saw the government attempt to widen the tax net, but the brunt eventually fell on the existing narrow tax base in the shape of higher corporate and personal taxes. The KSE100 shed 3.6% (6.6% in US$), with turnover thinning out even fu...

GATM held its Corporate Briefing Session today to discuss the recent performance and the future outlook. Despite the imposition of super-tax, GATM is likely to post an all-time high EPS of PKR12.02 in FY22, in our view; however, demand outlook remain...

We held a series of client meetings in London over the past fortnight, seeing over 20 clients, consisting of a mix of fixed income and equity investors in EM and Frontiers, Africa specialists, and special situations and distress funds. The meetings t...

As per the amendments made to the Budget announced on June 10th, the recurring tax rate for Banks appears to be 43% instead of the 47% being determined earlier. In our Budget note on June 10th, we had estimated a 10-13% decline in recurring EPS estim...

Last month, we recently counted 27 countries with US$ bonds yielding more than 10% or that are in default (28 today with the addition of Turkey), a decade high and more than double the number in December 2021 (13) and three times the number in Decemb...