A new concept of Group Relief is being introduced whereby the holding company can adjust the current losses of its subsidiary company in a tax year and subsequent two years against its profits provided the holding company holds or acquires atleast 75% or more of the share capital of the subsidiary company and does not dispose of its holding to the extent of 75% for subsequent five years. The subsidiary company is not required to change the nature of its business during the same five years. The subsidiary company will be allowed to carry forward its unadjusted losses by the holding company after three years. However, in case the holding company disposes of its holdings in the subsidiary company then the benefit of loss adjustment will be withdrawn and the holding company will be taxed for the benefit derived in the year of disposal of its holding.
Mr. Gohar Manzoor Mr. M. Tanveer Alam Mr. Fareed H Siddiqui Mr. Abdur Rauf Mian Mr. Adeel Shahzad Mr. Abduraheem Ghauri Mr. M. Imran Rana Mr. M. Mobin Akhter Mr. Fawad M. Siddiqui
Mr. Gohar Manzoor
