Tax management has become vital issue for management due to ever becoming strict tax laws. Many firms suffer great losses in the form of imposition of penalties by tax authorities due to minor negligence and carelessness of accounting staff pertaining to the tax matters.
Portfolio of our tax services consists of following:
NTN is required for filing of income tax, being a non filer you attract high/increased withholding tax rate on banking transactions, vehicle purchase and vehicle token.
Mostly salaried persons presumes that as tax is deducted on the payment of salary to them so they are not liable to file tax return. But one can face too worst legal consequences if return is not filed, specially if one enters in a sale or purchase transaction of property or vehicles. We provide tax return filing services to the salaried individuals.
If you are a sole proprietor then only identity that you have is NTN as sole proprietors are not required to be registered with any other regulatory or registration authority. Further NTN is required to open a business account.
It is required for filing tender notices and bids with government departments and multinational companies.
If you are a business individual then filing of return is more important for you than that of a salaried individual. Further being non filer you attract higher withholding tax rates on banking transactions , vehicle token, vehicle purchase / transfer, supplies and services provided by you
Sales tax registration for business individuals is required if any individual is involved in taxable activities. Sales tax registration is also required to enter bidding or tendering process with a government department or multinational company, even a business is not involved in taxable activities.
Required Documents for Sales Tax:
If you are an unregistered partnership then only identity that you have is NTN. Further NTN is required to open a bank account of partnership and to involve in bidding or tendering process.
Partners are jointly and severally responsible for payment of all liabilities of firm. If you are a partner in a firm then make sure that your firm file tax return regularly. Further being non filer AOP/ Firm you attract higher withholding tax rates on banking transactions, vehicle token, vehicle purchase / transfer, supplies and services provided by you
Sales tax registration with FBR is required for AOP is required if AOP is involved in taxable activities.
Company is required to file income tax return, whether operational or non-operational , in any case a company will must file tax return. We offer NTN Registration services to companies. Higher withholding tax is applicable on business transactions relating to both supplies and services.
All companies are required to file income tax return, whether operational or non-operational , in any case a company will must file tax return. Each director is responsible for fulfillment of all legal formalities. If you are a director in a company then make sure that your firm file tax return regularly. Further being non filer corporate entity you attract higher withholding tax rates on banking transactions, vehicle token, vehicle purchase / transfer, supplies and services provided by you
Sales tax registration with FBR is required for company if any company is involved in taxable activities.
Sales tax registration with FBR is required for a company is required if company is involved in taxable activities.
If one is registered for general sales tax, one is liable to file monthly sales tax return on regular basis. Sales tax registration is necessary for every business, wishes to enter any transaction with a government department, many multinational companies also put this restriction on vendors.
An individual or company having sales tax number is required to file monthly sales tax return even one has no business activity during a month. In case on non compliance the filing requirement of sales tax return heavy penalties and blockage of sales tax number can be faced by defaulters.
The income of an organization which is involved in religious, educational, charitable, welfare or development purposes activities is exempt from tax. No tax is payable on any donation, grant or charity which an Non Government/Profit Organization (NGO / NPO) receives to carry on its operation and projects. But under tax law an NGO sector is required to deduct tax while making payments, further filing of tax returns and preparation of accounts is also mandatory for all type of NGO’s. So NTN registration is also necessary with FBR for an NGO to fulfill legal obligations under tax law.
Every NGO or NPO is required to must get exemption certificate to avail the benefit of exemption from tax. The certificate is issued by the Commissioner Inland Revenue (previously known as Commissioner Income Tax) for a specific period.
An NGO or NPO are registered by government under various statues, an organization may opt registration under company law, trust law and society law but all type of NGO/NPO are required to file tax returns. We provide services of filing of tax returns to NGO’s as well, currently various NGO’s are availing our this facility.
After the 18th constitutional amendment in Constitution of Islamic Republic of Pakistan collection of sales tax on services came under the domain of provinces, latter provincial revenue authorities / boards were constituted in provinces.
Now the service providers are required to be registered with relevant provincial revenue authority in the jurisdiction of which services are rendered. If a business providing services in two or more province then registration with all relevant provincial revenue
Tax planning is important task of overall financial management we provide tax planning facility to our clients to provide legal avoidance and safety from any adverse consequences.
Acquiring Income Tax exemptions from Commissioner Income Tax under different provisions of Income Tax Law
Heavy penalty is imposed if various periodic statements, other than tax return, is not filed. Companies and individuals / partnership firms (sales tax registered and having annual turnover of Rs. 50 million ) are required to deduct withholding tax , deposit it and file withholding tax statement with FBR.
In case of failure to deduct withholding tax or filing statement of withholding tax heavy penalties are imposed by tax department.
Our consultancy services relevant to filing of statement are as follows:
We appear on behalf of our clients before various tax authorities, such as Regional Tax Office, Commissioner Appeals and Income Tax Appellate Tribunal.
In case of non filing of return and wealth statement Commission Inland Revenue (Commissioner Income Tax) may issue order to pay tax, estimated by him. The assessment order issued by Commissioner can be challenged by the taxpayer. We review assessment orders and advise on filing of appeals, if required.
Federal Tax Ombudsman (Tax Mohtasib) was established by Federal Government to provide relief to taxpayers. If any taxpayer has complaint against tax authorities application can be filed with Ombudsman.
Provision of sup port and assistance reltating to applicable taxes , duties, excise and customs charges for import and export of any particular item or goods.
WEBOC stands for Web Based One Customs developed by FBR to facilitate importers and exporters. It is a web based system for filing Goods Declarations (GD) for import and export cargo., which can be used by both Importers, Exporters and their Customs Clearing Agents. At this point, WEBOC is necessary to carry out the business of import and export or both.
Our Services relating to WeBOC registration are as follws: