Definition of Resident Company

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A company shall be a resident company for a tax year if:

  1. it is incorporated or formed by or under any law in force in Pakistan;
  2.  the control and management of the affairs of the company is situated wholly *[ ] in Pakistan at any time in the year; or
  3.  it is a Provincial Government or **[Local Government] in Pakistan.


*The words “or almost wholly” omitted by the Finance Act, 2003.
**The words “local authority” substituted by the Finance Act, 2008.


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