Tax help has arrived

The Pakistani government have been really active in the recent past in the matter of tax collection, due to which there have been new and stringent laws introduced by the Pakistani government. The Federal Board of Revenue (FBR) has set up a tax reform committee for the following purposes:

1. Review and rationalization of Direct and Indirect Taxes
2. Customs Tariff Rationalization
3. Review of Autonomy and Administrative structure of FBR
4. Creation of border force to deal with illegal movement of persons and goods across international borders; and
5. Any other related issues

Which means that there are going to some changes made to the current tax system in Pakistan, it can be very difficult to keep up with these ever changing laws for businesses and individuals, what is even more difficult is the different determination methods for income tax, there are so many headings and then sub heading that follows which could apply to any business transaction. From buying of a property to sale of shares or securities. As in Pakistani it is necessary to have National Tax Number (NTN) in transaction for assets. To have the NTN number business must be a registered tax payer. The declaration of income is important, and business must complete tax registration, which is done with the income tax returns. Sayub & co. will help your business in tax registration and creating of income tax returns, which is also one difficult task to do, and if not done correctly it could lead up to legal action taken against the business by Federal Board of Revenue (FBR). An important source of income for businesses is the revenue generated from the sales, each and every business has different goods and services to offer, which makes them liable to different sales and service tax. We understand that each business has unique nature and can be generating income through sales of various good and services. Sayub’s team will help you in identifying with the sales tax that is associated with your specifics business. Sayub can help your business with taxes and registration of income and sales tax act.