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Important Points

A resident person is taxed on his worldwide business income whereas a non-resident

person is liable to tax in respect of his income to the

7 extent it is Pakistan-sourced.
| 2 Income may be recorded using the cash or accrual basis of accounting. Companies
are, however, required to follow the accrual system of
accounting for its business income.
3 The Real profits aq taxable and notional profits are not taxable.

Sheet! Sheet2 Sheet3 + ‘