FAQs

In Pakistan, individuals and businesses are required to file their income tax returns annually with the Federal Board of Revenue (FBR) by September 30, every year. The process involves:

• Registering as a taxpayer on the FBR's IRIS portal.
• Compiling your income, expenses, and deductions for the tax year.
• Submitting your tax returns online through the IRIS system.

Our team can assist you with every step of the process, ensuring compliance with the latest tax laws and minimizing any errors in the submission.

A filer is a taxpayer who is registered with the FBR and regularly files his/her income tax returns. A non-filer is someone who does not file tax returns.

• Filers benefit from lower tax rates on a range of transactions, including banking, property purchases, and vehicle registration.
• Non-filers are subject to higher tax rates and may face penalties or legal action for non-compliance.

To avoid these penalties and enjoy reduced tax rates, we can help you file your returns and stay compliant.

Withholding taxes are taxes that businesses are required to withhold from certain payments (such as salaries, dividends, and payments to contractors) and submit to the FBR on behalf of the payee.

• Common withholding taxes include those on employee salaries, supplier payments, and rent.
• Failure to withhold and submit these taxes can result in penalties.

Our firm ensures your business complies with withholding tax obligations, avoiding penalties and keeping your financial records accurate.

Registering your business with the FBR is a crucial step to ensure compliance with tax laws in Pakistan. The process involves:

• Registration on IRIS: Creating an account on the FBR's IRIS portal.
• Providing Details: Submitting essential business details like ownership structure, business type, and address.
• Obtaining an NTN: Receiving a National Tax Number (NTN), which is required for filing taxes.

We can guide you through the entire process, ensuring your business is properly registered and ready for tax compliance.

To be listed on the FBR's Active Taxpayer List (ATL), you must:

• File your income tax returns by the due date.
• Ensure you have no outstanding tax liabilities with the FBR.

Being on the ATL allows you to enjoy lower withholding tax rates and other benefits. We will make sure your tax returns are filed on time, and your business remains on the ATL, helping you take full advantage of the benefits.

The FBR imposes penalties for late or non-filing of tax returns. These penalties may include:

• Fines: Starting from PKR 1,000 for individuals and higher for businesses.
• Daily Penalty: Continued failure to file may result in a daily penalty of PKR 100.
• Higher Withholding Tax Rates: Non-filers are subjected to higher withholding taxes on banking transactions, property sales, etc.

To avoid these penalties, it is essential to file your returns on time. Our tax experts ensure that all filings are done accurately and within the deadlines.

To file your individual tax return in Pakistan, you will need the following documents:

• National Tax Number (NTN): Your unique taxpayer identification number issued by the FBR.
• Income Details: Proof of income from all sources, including salary slips, business income, property income, dividends, and any other sources of earnings.
• Bank Statements: Detailed bank statements for the tax year to verify income, savings, and investment information.
• Tax Deduction Certificates: If any taxes have been deducted at the source,such as withholding taxes on salary, property transactions, or bank interest, you will need to include those certificates.
• Utility Bills and Rent Receipts: Proof of utility bills and rent payments, if applicable, to claim tax deductions or benefits.
• Investment Proof: Details of investments made during the year, including mutual funds, bonds, or stocks.
• Zakat and Charitable Donations Receipts: Receipts for any zakat or donations made, which may be eligible for tax deductions.
• Insurance and Loan Documents: Records of life insurance premiums paid or loan interest for deductions, where applicable.
• Medical Expenses Receipts: In some cases, medical expenses may be eligible for tax relief.

Our firm assists in compiling and organizing these documents for accurate and timely filing of tax returns while maximizing eligible deductions and benefits.

To file your business tax returns in Pakistan, you will need the following documents:

• Business Income & Expense Records: Profit and loss statements, receipts, invoices, and bank statements.
• Asset & Liability Information: Details of owned assets and liabilities.
• Withholding Tax Certificates: If applicable.
• Other Relevant Financial Records: Depreciation schedules, loan agreements, etc.

Our firm can help you organize and prepare all the required documents to ensure a smooth tax filing process.

Sales tax in Pakistan is a tax imposed on the sale of goods and services, typically charged at a standard rate of 17%.

• Businesses with an annual turnover exceeding PKR 10 million must register for Sales Tax with the FBR.
• Once registered, businesses must collect sales tax from customers and submit it to the FBR regularly.

We provide end-to-end support in registering for sales tax, filing returns, and ensuring compliance with sales tax regulations.

Corporate income tax must be paid by companies operating in Pakistan. The process involves:

• Preparing Financial Statements: Detailing your company's income, expenses, and profits.
• Calculating Tax Liability: Based on applicable tax rates (typically 29% for companies).
• Submitting Tax Returns: Filing through the FBR's IRIS system.

We offer comprehensive corporate tax filing services, ensuring accuracy and full compliance with FBR requirements.

Tax laws in Pakistan are frequently updated by the FBR. Staying compliant requires awareness of these changes. Our firm keeps clients updated through:

• Personalized Consultations to discuss how changes may impact your business.
• Workshops & Seminars.

By partnering with us, you will always stay informed and compliant with the latest regulations.

Outsourcing your accounting and bookkeeping allows you to focus on your core business while ensuring your financial records are handled by experts. Benefits include:

• Accuracy: Professional accountants ensure that all transactions are recorded correctly.
• Compliance: Staying updated with accounting standards and tax regulations.
• Time-Saving: Freeing up time to focus on business operations instead of financial management.
• Cost Efficiency: Reducing the need for in-house accounting staff and software investments.

We offer customized bookkeeping solutions to meet your business's specific needs and ensure you remain compliant with Pakistan's regulatory requirements.

We use leading bookkeeping software such as QuickBooks and Xero, all of which are suitable for a wide range of businesses in Pakistan.

• Cloud-based: These systems allow you to access your financial data from anywhere.
• Integration: We can integrate these platforms with your existing systems for seamless accounting.
• Customization: We tailor the software setup to match your business size, industry, and specific needs.

Our team will recommend the best platform based on your business type and provide ongoing support.

For effective financial management, it's ideal to update your financial records daily or weekly. Regular updates ensure:

• Accurate Cash Flow Monitoring: Keeping track of cash inflows and outflows.
• Timely Financial Insights: Helping you make informed business decisions.
• Compliance: Ensuring that tax filings and regulatory requirements are met on time.

We can assist in managing your bookkeeping on a regular basis, ensuring you always have up-to-date records.

We provide a wide range of financial reports to give you a clear picture of your business's financial health, including:

• Profit and Loss Statements.
• Balance Sheets.
• Cash Flow Statements.
• Accounts Receivable and Payable Reports.
• Bank Reconciliation Reports.

These reports help you understand your financial performance and guide strategic decision-making.

We offer a comprehensive range of financial advisory services to help individuals and businesses grow their wealth, manage risks, and make informed decisions. Our services include:

• Financial Planning: Personalized strategies for wealth growth, retirement, and investments.
• Risk Management: Assessing and mitigating financial risks in your business.
• Investment Advisory: Guidance on the best investment opportunities in the Pakistani and global markets.
• Debt and Financing Solutions: Assisting in debt restructuring and securing financing for your business.

Our advisors tailor solutions based on your unique needs, ensuring sustainable growth and financial stability.

Financial advisory services help your business by:

• Optimizing Financial Strategies: Ensuring that your financial resources are managed efficiently.
• Enhancing Profitability: Identifying opportunities for cost reduction and revenue growth.
• Risk Reduction: Helping you manage market, financial, and operational risks.
• Funding Support: Assisting in securing loans, investments, or grants for expansion.

By working with our team, you will receive strategic financial insights that support long-term growth and success.

Our financial planning process is personalized and focuses on:

• Understanding Your Goals: Whether it is retirement planning, saving for education, or wealth preservation.
• Assessing Current Finances: Reviewing your income, expenses, assets, and liabilities.
• Developing a Customized Plan: Tailoring a strategy to meet your financial objectives.
• Ongoing Monitoring: Regularly reviewing and adjusting the plan to stay aligned with changes in your life or the market.

We focus on creating sustainable financial plans that balance growth and security.

Business advisory services focus on helping your company improve its performance and achieve its strategic objectives. We offer:

• Business Strategy Development: Crafting short- and long-term growth plans.
• Operational Efficiency: Identifying areas where processes can be streamlined.
• Market Expansion: Offering insights and strategies to enter new markets or scale existing operations.
• Financial Restructuring: Helping you manage debt, raise capital, or improve cash flow.

Our advisors will work closely with you to identify and implement the right strategies for your business's growth.

We have experience providing business advisory services across various sectors, including:

• Manufacturing and Retail.
• Real Estate and Construction.
• Healthcare.
• Technology and ICT.
• Hospitality and Tourism.

By leveraging our industry-specific knowledge, we provide tailored solutions to help your business overcome challenges and capitalize on opportunities.

We assess your business's current operations and identify areas for improvement, focusing on:

• Process Optimization: Streamlining workflows to reduce costs and increase productivity.
• Technology Integration: Recommending tools and software to automate routine tasks.
• Resource Allocation: Ensuring that resources such as time, money, and personnel are used efficiently.
• Supply Chain Management: Helping optimize logistics and reduce operational bottlenecks.

Our goal is to improve your company's overall efficiency and profitability.

We offer a range of corporate training programs designed to enhance the skills and competencies of your employees, including:

• Financial Management and Accounting Training.
• Tax Compliance and Regulatory Updates.
• Leadership and Team Development.
• Digital Transformation and Technology Training.
• Human Resource Management.

Our training sessions are customized to meet your organization's specific needs and industry requirements.

Corporate training benefits your organization by:

• Enhancing Employee Skills: Increasing the technical knowledge and soft skills of your staff.
• Improving Productivity: Well-trained employees perform better and more efficiently.
• Staying Compliant: Ensuring your team is up-to-date with the latest regulatory and compliance requirements.
• Boosting Employee Morale: Offering professional development opportunities increases job satisfaction and retention.

By investing in your team's development, your business becomes more agile, competitive, and resilient.

Yes, we design customized training programs based on your company's goals, industry, and challenges. After assessing your specific needs, we create tailor-made sessions that address your requirements, whether it's improving financial skills, leadership development, or understanding new regulatory changes.

Our flexible training formats include on-site workshops, webinars, and ongoing learning programs to ensure maximum engagement and results.