Karachi: Mari Petroleum Company Limited has communicated further actions regarding the withholding tax on the recently issued 800% bonus shares to its shareholders. On September 27, 2024, the company distributed these shares, withholding taxes at 10% for tax filers and 20% for non-filers based on the Income Tax Ordinance, 2001. This tax was calculated from the day-end price on September 19, the first day of the book closure.

According to information available from the Pakistan Stock Exchange (PSX), Mari Petroleum has noticed a fluctuation in the market prices post-issuance, which might prevent full recovery of the withholding tax if shareholders do not remit the owed amounts. Consequently, the Islamabad High Court has authorized the Central Depository Company Limited to secure an additional lien on 10% more bonus shares from filers and 20% from non-filers. This measure aims to ensure full tax recovery as stipulated under Section 236Z of the Ordinance.

Shareholders have been instructed to settle their tax liabilities directly into the company’s account at Askari Bank or via demand draft by October 15, 2024. Compliance will lead to the release of the withheld shares and the removal of the additional liens. Shareholders needing further details or clarification can contact Corplink (Private) Limited, the share registrar.

Mari Petroleum’s initiative underscores the importance of adherence to tax obligations and highlights the legal frameworks supporting corporate tax policies in Pakistan.