As per Pakistani tax law Association of Person (AOP) is a lot bigger concept than partnership firm, it includes joint ventures, people/firms getting together for one-off- business opportunity without forming a firm, a joint family holding a property and earning rent or other commercial returns out of it. In short it any business by two or more persons, long term on short term, with a partnership agreement or without but does not include a company.
Hence a joint venture may be registered as an AOP for tax purposes, a separate NTN is obtained for a joint venture and profits of the Joint Venture is taxed separately.
NTN of Joint Venture
Following are required documents for NTN of Joint Venture
Copy of valid CNIC of all Participants of Joint Venture
NTN Number of all participants of joint venture
Rent Agreement / Ownership Documents of Premises , which shall be treated as principal office of Joint Venture
Copy of Electric bill of Principal Office of Joint Venture
Letter Head (Blank)
Joint Venture Agreement , Designed in Specially for Sharing Profit and Loss
Email, Mobile No., which have not been used in tax profile of any individual or company
Authority letter in favour of one participant or member of joint ventuer , issued by all other member s to authorize one member to present before tax authorities for NTN registration and to receive User ID, Pin and Password
