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Why Group Taxation is not famous in Pakistan
09-16-2010, 07:15 PM,
#16
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Major</i>
<br />Sir Faisal, you have replied in excellent manner, i used your above article regarding group taxation in my presentation and i got very good marks.

Thanks for sharing such a valuable info.
please keep posting.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Dear,

Thanks for your appreciation.

However, let me clarify that getting good marks in a presentation depend on many factors other than mere material.

I hope you understand, so no need to explain the same untill such need is arisen.


Best Regards,
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07-08-2011, 07:19 PM,
#17
 
As per my understanding, if a group of company opt group taxation under section 59AA, then group income tax return will be based on consolidated financial statements of that group.

I want to know whether or not, after opting group taxation, unadjusted losses can be carry forwarded to six years from the date of opting group taxation.

Please comment.

Regards,

*



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07-09-2011, 09:03 PM,
#18
 
I think i need to make my question very specific & clear as below.

Suppose a group has five companies with holding company named XYZ. If duing this year XYZ applies to form a group before SECP then i believe the annual tax return for the year ended June 30, 2012 will be filed on consolidated financial statements basis of Five Companies.

Now the question is if Group declares tax loss during the year then for how many years it can be carried forwarded for adjustment against future taxable profit?

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07-09-2011, 10:19 PM,
#19
 
Originally posted by faisal_desperado</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Star[/i]
<br />Dear,

..........

If the parent company is engaged in trading business, then, whether group taxation can be opted and allowed under tax laws??

......

Dear,

As per Section 59B, subsection 2B "a company within the group engaged in the business of trading shall not be entitled to avail group relief.


Regards,


<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">


The company engaged in trading is not entitled to "Group Relief", but what about "Group Taxation".

Are not these two independent section.

The concept of Group relief was introduced in 2004 while that of Group Taxation comes in 2007. I could not find any wording that may suggest that group relief is only allowed to companies who opt group taxation.

Similarly, there is nothing to suggest that companies who are in the business of trading may not opt for group taxation . They only can't obtain group relief
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07-14-2011, 02:30 PM,
#20
 
If an application for formation of a group is filed now then I understand that SECP may issue certificate of formation of group in three to four weeks.

Please guide me whehter or not the forthcoming annual tax return (30-6-2011) will be filed on consolidated basis u/s 59AA?
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07-15-2011, 10:54 PM,
#21
 
any answer......??

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