ISLAMABAD, May 24: The government is considering a proposal to extend the concept of group relief to all sectors of the economy to encourage corporatization. An official told Dawn on Tuesday that the proposal was under consideration for the budget of 2005-06 following the recommendation of various trade bodies and individuals.
The government had introduced in the budget of 2004-05 the concept of group relief to industrial undertakings only. It was proposed to remove sectoral preferences and the benefit of group relief be allowed to all sectors.
Similarly, set off of accumulated loss including carry forward up to six years under the head “income from business” on amalgamation under section 57A presently available to the banking and insurance sectors on meeting the conditions laid down by the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan should also be extended to industrial undertakings by rationalization of the definition of amalgamation.
