I believe that, a provision is to be incorporated into financial statements covering liability on new taxes imposed by interim budget yesterday in addition to inclusion a note to the financial statements. Such revisions may delay the issuing time of financial reports.
With the inclusion of substantial tax liability, basic earnings per share (EPS) would be considerably drop. This is applicable not only to banks but also other blue chip companies which fall under imposed tax liability. Also, unexpected cash outflows will slow down planned operational & diversification activities requiring revisiting & changing the targets for the future. Perhaps, authorities may grant companies a concession that tax liability be payable over period of time, to overcome the difficulties arise from cash flow.
Discontent & reaction from business community & commercial chambers are to be expected unless pre-budget meetings discussed the core issue of super taxes.