Tax law defines resident company

Tax law defines resident company

Section 83 of Income Tax Ordinance, 2001 has explained resident company during a tax year.

The Federal Board of Revenue (FBR) issued the Income Tax Ordinance, 2001 updated up to June 30, 2021. The Ordinance incorporated amendments brought through Finance Act, 2021.

Following is the text of Section 83 of the Income Tax Ordinance, 2001:

83. Resident company.— A company shall be a resident company for a tax year if —

(a) it is incorporated or formed by or under any law in force in Pakistan;

(b) the control and management of the affairs of the company is situated wholly in Pakistan at any time in the year; or

(c) it is a Provincial Government or Local Government in Pakistan.

(Disclaimer: The text of above section is only for information. Team PkRevenue.com makes all efforts to provide the correct version of the text. However, the team PkRevenue.com is not responsible for any error or omission.)

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