About Taxation
Although negotiating Pakistan’s tax laws might be challenging. At Tax Way, we simplify taxes by offering expert tax consulting services catered to your particular requirements of individuals and companies, including Not for Profit organization (NPO).
Income tax, sales tax, withholding tax, and corporate tax advice is our team of knowledgeable best tax consultants in Karachi’s specialty. We handle all facets of Income Tax, Sales Tax, Provincial Sales Tax on Services. Our knowledge spans not only essential experience in NTN registration, tax advice, E-filing, tax returns and statements, tax audit.
Tax Way is your reliable partner whether your needs are with income tax return filing in Pakistan, sales tax registration, or withholding tax compliance. Our expert staff give professional tax advice and smooth compliance support by keeping updated on the latest tax laws and policies.
Registration for Income Tax and Sales Tax
Individuals and businesses have to be registered under Income Tax (NTN) under section 181 of the Income Tax Ordinance, 2001 [Ordinance], and Sales Tax under section 14 of the Sales Tax Act, 1990 [Act]. Services providers must comply with Provincial Sales Tax Authorities including Punjab Revenue Authority (PRA), Sindh Revenue Board (SRB), Khyber Pakhtunkhwa Revenue Authority (KPRA), and Balochistan Revenue Authority (BRA). Tax Way simplifies NTN and Sales Tax registration processes and ensures that FBR and provincial tax authorities have seamless compliance.
Filing of Income Tax and Sales Tax Returns
Accurate and timely filing of taxes is important to avoid penalties or become active taxpayer. Under section 114 of the Ordinance, a taxpayer shall file an income tax return every tax year, and those businesses that fall under the Sales Tax shall, according to section 26 of the Act, file monthly returns. Other provincial service providers shall be governed by the regulations under filing with the PRA, SRB, KPRA, and BRA. Our team of experts will ensure that all returns are filed accurately and on time, minimizing the risk of default surcharge or penalties.
Assessment and Audit Representation
The tax authorities routinely conduct audits and assessments to verify the accuracy of tax declarations. Under sections 122(5A), 177, and 214C of the Ordinance, assessment and audit of tax can be conducted; sections 11E and 25 of the Act correspondingly allow sales tax assessment and audits. In case a business is picked out by the selection for an audit or assessment, it has to produce its books, justifications, and explanations regarding its income and tax liabilities. We provide representation before tax authorities with full back-up working of documents, replying to some tax notices, and defending clients from any unjustifiable demands of tax.
Appeals and Litigation Support
When tax assessments lead to disagreements, taxpayers are entitled to file an appeal. The first stage of appeal is before the Commissioner Inland Revenue (Appeals), as per section 127 of the Ordinance. Followed by appeals at the Appellate Tribunal Inland Revenue (ATIR) under section 131 of the Ordinance. For sales tax matters, appeals are handled under sections 45B and 46 of the Act. If required, cases can be taken to the High Court and Supreme Court for resolution. Our team comprises tax litigation experts who provide legal advice, prepare cases, and advocate on behalf of our clients in order to protect their interests in matters of tax disputes.
Tax Planning and Advisory
For businesses, effective tax planning is undeniably important in minimizing tax liabilities while ensuring compliance. Our advisory services devote themselves to strategic tax structuring in line with tax exemptions, credits, and incentives allowed under the Ordinance and Act. Our dedicated tax planning solutions offer a range of services to help institutions optimize their tax positions to realize and maximize savings.
Tax Training and Awareness Sessions
Given that tax laws in Pakistan are always evolving, it is crucial for anyone in business to keep themselves updated. Our Tax Training and Awareness Sessions provide summary knowledge on recent amendments in the Finance Act, changes in FBR policies, and sector-specific tax implications. The sessions are designed for business owners, finance professionals, and corporate employees to equip them with enough knowledge to enable tax compliance and strategic tax management for themselves and their businesses.
Tax Revenue Authorities
Partner with Tax Way, one of the best consultancy firms in Karachi, and enjoy hassle-free services. Contact us today to schedule a free consultation with our expert tax consultants and ensure a financially bright future for your business.
