Regulation 143 — Application for designation as a Group.- (1) The holding company within a Group

may apply to the Commission as per App-6 for designation of the companies within the Group for
the purpose of availing tax relief under sections 59AA and 59B of the Income Tax Ordinance, 2001.
(2) The holding company applying for designation of the companies within the Group
shall, along with the application required under sub-regulation (1), provide the Commission,-
(i) in the case of a designation letter for Group taxation where the holding company
has 100% owned subsidiaries,-
(a) a copy of the certificate of registration as a Group:
(b) a copy of the certificate of change in the composition of the Group, if any;
(c) the national tax numbers of the Group companies and their directors;
(d) a certificate from a firm of Chartered Accountants that the Group is in
compliance with the requirements of these Regulations; and
(e) any other document or record which the Commission deems appropriate;
(ii) in the case of a designation letter for Group Relief,-
(a) a copy of the certificate of registration as a Group;
(b) a copy of the certificate of change in the composition of the Group, if any;
(c) the national tax numbers of the Group companies and their directors;
(d) evidence that there is ownership of the share capital of the subsidiary
companies to the extent of 55% in the case of a listed company and 75%
in the case of other companies;
(e) approval of the board of directors of the Group companies to the
surrendering and claiming of loss;
(f) a certificate from a firm of Chartered Accountants that the Group is in
compliance with the requirements of these Regulations; and
(g) any other document or record which the Commission deems appropriate.

(3) The Commission shall on being satisfied that,-
(i) the Group is in compliance with these Regulations;
(ii) all companies within the Group are locally incorporated; and
(iii) the accounting period of the companies within the Group is the same;
issue a designation letter for Group taxation as per Annexure-R-1 or Group relief as per
Annexure-R-2, as the case may be.
(4) Where the Commission has issued a designation letter to a Group and it subsequently
cancels the registration of a Group or issues a certificate of change in the composition of the Group,
the Commission shall immediately inform the tax authorities of such action.

CHAPTER XII
EASY EXIT OF A DEFUNCT COMPANY