Income Tax Ordinance, 2001

CHAPTER-III

TAX ON TAXABLE INCOME PART VII EXEMPTIONS AND TAX CONCESSIONS

From: 2023-07-01 - To: 0000-00-00 1[59AA. Group taxation.- (1) Holding companies and subsidiary companies of 100% owned group may opt to be taxed as one fiscal unit. In such cases, besides consolidated group accounts as required under the 2[Companies Act, 2017 (XIX of 2017)], computation of income and tax payable shall be made for tax purposes. (2) The companies in the group shall give irrevocable option for taxation under this section as one fiscal unit. (3) The group taxation shall be restricted to companies locally incorporated under the 2[Companies Act, 2017 (XIX of 2017)]. (4) The relief under group taxation would not be available to losses prior to the formation of the group. (5) The option of group taxation shall be available to those group companies which comply with such corporate governance requirements 3[and group designation rules or regulations] as may be specified by the Securities and Exchange Commission of Pakistan from time to time and are designated as companies entitled to avail group taxation. (6) Group taxation may be regulated through rules as may be made by the 4[Board].] __________________________________________________________ 1-Inserted vide the Finance Act, 2007 (IV of 2007 assented on 30th June, 2007) 2-For the expression “Companies Ordinance, 1984 (XLVII of 1984)” substituted by Finance Act, 2021, dated 30-06-2021 3-Inserted vide the Finance Act, 2013 (Act No. XXII of 2013) assented on 29th June, 2013 4-For the words “Central Board of Revenue” the word “Board” was substituted vide Finance Act, 2014 but instead of the words “Central Board of Revenue” the word “Board” has already been substituted vide the Finance Act, 2014 From: 2021-07-01 - To: 2023-06-30 1[59AA. Group taxation.- (1) Holding companies and subsidiary companies of 100% owned group may opt to be taxed as one fiscal unit. In such cases, besides consolidated group accounts as required under the 2[Companies Act, 2017 (XIX of 2017)], computation of income and tax payable shall be made for tax purposes. (2) The companies in the group shall give irrevocable option for taxation under this section as one fiscal unit. (3) The group taxation shall be restricted to companies…