NoHolding PeriodRate of Tax for Tax year 2023 and onwards1Where the holding period does not exceed oneyear Pursuant to Rule 1 of the Tenth Schedule to the Pakistan Tax Ordinance, the rate of tax to be deducted or collected on the taxable income of any person not appearing on the FBR’s active taxpayers' list (i.e. a non-filer), shall be increased by 100 per cent.
Tax Year means a period beginning with 6th April in one year and ending with 5th April in the next;
Base Year Value means the assessed value of eligible property January 1 preceding the execution of the agreement plus the agreed upon value of eligible property improvements made after January 1 but before the execution of the agreement.
Budget Year means the financial year of the municipality for which an annual budget is to be approved in terms of section 16(1) of the MFMA;
taxation year means the calendar year to which an assessment roll applies for the purposes of taxation;
Base Year means the period set forth in Section 5 of the Summary.
Allocation Year Means (i) the period commencing on the Closing Date and ending on December 31, 2006, (ii) any subsequent period commencing on January 1 and ending on the following December 31, or (iii) any portion of the period described in clause (ii) for which the Company is required to allocate Profits, Losses and other items of Company income, gain, loss or deduction pursuant to Article V.