As per Lawkidunya (a) an undertaking which is set up in Pakistan and which employs,—
(i) ten or more persons in Pakistan and involves the use of electrical energy or any other form of energy which is mechanically transmitted and is not generated by human or animal energy; or
(ii) twenty or more persons in Pakistan and does not involve the use of electrical energy or any other form of energy which is mechanically transmitted and is not generated by human or animal energy:
and which is engaged in,—
(i) the manufacture of goods or materials or the subjection of goods or materials to any process which substantially changes their original condition; or
(ii) ship-building; or
(iii) generation, conversion, transmission or distribution of electrical energy, or the supply of hydraulic power; or
(iv) the working of any mine, oil-well or any other source of mineral deposits; and
1(b) any other industrial undertaking which the Board may by notification in the official gazette, specify.]
(30) “intangible” means an intangible as defined in section 24;
1[(30A) “investment company” means an investment company as defined in the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003;]
2[(30AA) KIBOR means Karachi Inter Bank Offered Rate prevalent on the first day of each quarter of the financial year;]
3[(30B) “leasing company” means a leasing company as defined in the Non-Banking Finance Companies and Notified Entities Regulation, 2007;]
4[(30C) “liaison office” means a place of business acting for the principal, head office or any entity of which it is a part, and
(a) its activities do not result in deriving income in Pakistan; and
(b) maintains itself out of any amount remitted from outside Pakistan received through normal banking channels.
Explanation,— It is clarified that—
(i) a place of business shall not be treated as liaison office if it engages in –
(a) commercial activities;
(b) trading or industrial activities; or
(c) the negotiation and conclusion of contracts;
(ii) the activities shall be treated to be commercial activities, if these include—
(a) providing after sales services for goods or services; or
(b) marketing or promoting pharmaceutical and medical products or services;
(iii) subject to clause (i), a place of business shall be treated as a liaison office, if it undertakes activities of—
(a) an exploratory or preparatory nature, to investigate the possibilities of trading with, or in, Pakistan;
(b) exploring the possibility of joint collaboration and export promotion;
(c) promoting products where such products are yet to be supplied to, or sold in, Pakistan;
(d) promoting technical and financial collaborations between its principal and taxpayers in Pakistan; or
(e) provision of technical advice and assistance.
