A company shall be a resident company for a tax year if:
- it is incorporated or formed by or under any law in force in Pakistan;
- the control and management of the affairs of the company is situated wholly *[ ] in Pakistan at any time in the year; or
- 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.