Services

Income tax:

The income tax matters in Pakistan are governed by the Income Tax Ordinance, 2001 (the Ordinance) read with Income Tax Rules, 2002. The wide range of business activities being carried out in the country are mostly covered under the ambit of the Ordinance and required to pay income tax in one form or the other. We provide the following services:

  • NTN registration
  • Tax liability computations
  • Submission of return of income
  • Submission of wealth statements
  • Application and processing for tax refunds
  • Withholding taxes management
  • Tax advisory on specific matters
  • Responding to notices received from Federal Board of Revenue
  • Providing updates on industry specific notifications

Sales tax:

In a similar nature to income tax, Pakistan tax laws are developed to charge sales tax on importation, exportation, production, manufacture, or consumption of goods. These are governed by The Sales Tax Act, 1990 read with Sales Tax Rules, 2006. Sales tax is charged on different nature of products and the Federal Board of Revenue has devised a mechanism which requires a monthly payment of this sales tax. We assist clients with the following services:

  • Sales tax registration
  • Accounting for input and output tax on monthly basis
  • Computation of monthly sales tax liability or refund
  • Submission of sales tax return on e-portal of FBR
  • Application for sales tax refunds
  • Tax advisory on sales tax matters
  • Clarification of withholding tax provisions
  • Auditing the records to ensure compliance with laws
  • Providing interpretations of notifications and circulars issued by FBR

Provincial Taxes:

After the passing of the 18th amendment, the taxation on services came under the domain of the provinces. Sindh was the first province to introduce the tax on services law followed by other provinces namely Punjab, Khyber Pakhtunkhwa and Balochistan. It is important to note that the service industry of Pakistan is a major contributor to the growth of the country as it generates substantial revenue. Every province has its own sales tax on services provisions and our team has the advantage of working closely with the provincial bodies making these laws. Following are the Acts used to charge sales tax on services in respective provinces:

Sindh – The Sindh Sales Tax on Services Act, 2011

Punjab – Punjab Sales Tax on Services Act, 2012

Khyber Pakhtunkhwa – Khyber Pakhtunkhwa – Finance Acts

Balochistan – The Balochistan Revenue Authority Act, 2015

We provide the following services with respect to provincial taxes:

  • Registration of business to obtain tax number
  • Accounting for input and output tax on monthly basis
  • Computation of monthly sales tax liability or refund
  • Submission of monthly returns
  • Advisory on specific tax matters
  • Clarification of withholding tax provisions
  • Auditing the records to ensure compliance with laws
  • Providing interpretations of notifications and circulars

Federal Excise:

The Government of Pakistan has specified several products which attract Federal Excise Duty (FED) governed by The Federal Excise Act, 2005 read with Federal Excise Rules, 2005. Our team assists clients in the following areas:

  • Identifying products subject to Federal Excise Duty
  • Proper accounting of FED in the books
  • Computation of FED payable
  • Reporting the FED payable with FBR
  • Advisory with relation of products subject to FED

Customs:

Custom duties in Pakistan are levied under the provisions of The Customs Act, 1969 read with Custom Rules, 2001. We cover several aspects of the application of the customs provisions on businesses carried out in Pakistan. We enable clients to get in depth knowledge of the goods which attract the custom laws and also assist in the calculation of duty draw backs.

Import and Exports:

The import and export market of Pakistan has always been a source of revenue for both businesses and the Government of Pakistan. There is extensive documentation and approval requirements for import and export of goods and attracts different kinds of taxes. We provide generation of documentation services and recording of taxes.

Adjudication of cases:

Taxation authorities issue notices after scrutiny of the financial statements of clients. Many times clients furnish improper responses due to which taxation authorities issue orders resulting in huge demands. Many clients cannot pay such huge amounts of money and their businesses face risk of closure. Our team provides expert guidance and helps clients in adjudication of cases at original and appellate stages/ appellate fora/ apex courts in all direct and indirect taxes matters.

Financial Services:

In the modern era, it is absolutely necessary for businesses to maintain proper documentation and accounting records to calculate the net worth and access the profits and losses. It is a technical task and requires thorough understanding of the correct accounting treatment of transactions and planning to mitigate the risks. Our highly skilled professionals are equipped with methodologies to deliver the best possible compliance for businesses. We cover the following areas:

  • Book keeping
  • Developing effective accounting policies
  • Financial modelling
  • Budgeting and forecasting
  • Preparation of financial statements
  • Analytical reports on historical data
  • Trend analysis for better future planning
  • Assistance in reviewing books before audits
  • Assistance in audits

Special Facilitation:

Application of law and procedures regarding diplomatic missions, privileged persons / privileged organizations, private / public warehousing, manufacturing bonds, DTRE, temporary importation, zero rating and transit trade.

Copyrights/ Trademarks:

Several business compete with each other due to the similar nature of business. Therefore, it is important for businesses to obtain copyrights/trademarks for their intellectual property. We enable our clients to focus on their business while we obtain the necessary copyright/trademark for them.

Securities and Exchange Commission of Pakistan (SECP):

The Securities and Exchange Commission of Pakistan (SECP) is responsible for the registration and monitoring of companies established in Pakistan. We provide the following services in this regard:
• Name reservation application
• Company registration application
• Changes in particulars
• Statutory compliance guidance