Wednesday, August 22, 2007

[International_Accounting_Standards] Repatriation of profit

Dear All

We are a private limited company incorporated in Pakistan. We have
also established/registered a branch overseas. The branch was
established with the permission of SBP. The amount of investment was
transfered to the branch through banking channel.

The branch now completed its first year of operation and earned
profit. We now intend to transfer the amount of profit from the
overseas branch to Pakistan. I would like to know the following:

1- Tax treatment/implication of the said transfer of profit
2- Reporting of the profit to the bank including SBP
3- Compliance requirements in respect of Companies Ordinance, if any

An early reply shall be highly appreciated.

Regards

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