This proposed amendment introduces the concept of Group Taxation and seeks to allow holding and subsidiary companies of a 100% owned group to be taxed as a single unit.  The option of being taxed as single fiscal unit shall be irrevocable and it will only be available to companies incorporated under the Companies Ordinance, 1984 whose accounts are audited by Chartered Accountant.  The relief under group taxation would not be available to losses suffered prior to formation of the group.  The proposed group relief will be governed by rules to be issued in this regard.  The group shall be required to submit consolidated financial statements and computation of income and tax payable for tax purposes.