 |
|
For business information, annual reports, laws, ordinances, regulations and articles. |
|
|
APPENDIX II
RESIDENCE
For the purpose of complication of monetary statistics, the returns make a distinction between residents and non-residents of Pakistan. The following rules determine whether a person or body is a Pakistani resident or a nonresident.
(1) Individuls
The resident individuals of Pakistan comprise: a) all persons permanently living in Pakistan; b) visitors or temporary residents who have stayed, or who intend to stay, in Pakistan for a year or more, excluding official and diplomatic representatives and members of the armed forces of other countries serving in Pakistan and c) members of the Pakistani government or the armed forces working overseas.
(2) Enterprises
Resisdent enterprises (including banks) are the units that engage in the production of woods and services in Pakistan including overseas enterprises branches and subsidiaries located and operating in Pakistan, but excluding branches and subsidiaries of Pakistani enterprises located and operating abroad.
(3) Government
The government agencies that are residents of an economy include all departments, establishments, and bodies of its central, provincial and local government located in the territory and the embassies, consulates, military establishments, and other entities of its government located abroad.
Embassies, consulates, and military establishments of a foreign government are to be considered as nonresident entities in the countries were they are physically located.
(4) Foreign Currency Deposits
The above mentioned rules should be followed to breakdown currency deposits between those held by nonresident and residents. However, if the residency of the account holder is bot clearly known to the banks the address of the account holder should be used by the Banks the address of the account holder should be used by the banks to make the distinction between residents and nonresidents. This is a pragmatic approach which can be need in those come where the exact residency of the account holder is not known.
