Taxation Law

Taxation Law in Pakistan

PERSONAL TAXATION

Individuals having high cash flows are subject to tax default based on their inefficient planning and strategy, which results in paying of taxes at higher rates. Their multiples sources of income render it more complex for them to strategize against higher tax rates. Although in such situation liaison, correspondence and compliance with employer or organization plays a vital role who as additional benefit also file returns on behalf of their employees, however, higher rate of taxes are paid due to ineffective or no linkage between the two. Moreover, having no or less knowledge on recent tax policies, concessions and exemptions, individuals file their return in a conventional manner causing to face huge tax losses. We at Hamza and Hamza assist in planning and claiming tax benefits for individuals to avoid paying higher taxes bases on experience and day to day acquaintance of recent tax policies and circulars to help reduce the risk of default for high net-worth individuals and to assist organizations in fulfilling their assumed responsibilities, we provide services, which include:

 

  • Liaison, correspondence and compliance services with respect to personal taxation.
  • Advisory services to help reduce tax exposure or increase tax saving.
  • Tax planning and benefits for nationals.
  • Tax planning and benefits for Immigrants.
  • Tax planning and benefits for Overseas nationals.
  • Record Keeping/ maintenance

INDIRECT TAXES

Pakistan’s tax regime consists of four main revenue sources including General Sales Tax (GST), Sales Tax on Services (Service Tax), Federal Excise Duty (FED), Customs Duty and Income Tax. Over the recent years Government has emphasized on Indirect Taxes which include Sales Tax of Goods and Services. All manufacturers, Traders and Services provider business entities are required to pay huge amount of indirect taxes on products, items and services respectively. Business entities thus require effective planning and strategy to hit the lowest tax rates to enjoy tax benefits. We at Hamza and Hamza provide wide range of indirect tax advisory services that includes sales tax system evaluation, sales tax audit, and sales tax on services under provincial ordinances and include but not limited to:

  • Compliance and correspondence services relating to corporate taxation
  • Filling of Tax returns
  • Tax benefits
  • Planning and Strategy
  • Claiming of Refund and disbursal
  • Record Keeping/ maintaining
  • Advisory services including determination of sales tax, exemption and withholding tax matters
  • Representations before field tax authorities
  • Representations before Federal Board of Revenue
  • Representations before Courts in appeals

CORPORATE TAXATION

Corporate sector has to pay Taxes at high level due to no or less knowledge of recent tax circulars and policies which of course is not only time taking and hectic but complex task to maintain in the larger interest to business. Majority businesses for the purpose hire employees for the job but due to lack of legal tax practice, employee is only able to appease tax burden of business at meager rates. Another important factor causing loss on taxes to business is while filing of returns in conventional manner where inflows and outflows are not maintained as required to benefit business. Significantly another issues is with regard to business to business correspondences and liaison which is also time consuming and cumbersome yet causes business to pay huge taxes at levels which could otherwise be conveniently waived resulting in significant economic benefit. We at Hamza and Hamza provide full range of services to all business sectors leading to significant economic benefit. Services include

  • Claiming of Refund and disbursal
  • Filling of Tax returns
  • Record Keeping/ maintaining
  • Tax benefits
  • Advisory services including determination of income tax, exemption and withholding tax matters
  • Compliance and correspondence services relating to corporate taxation
  • Representations before field tax authorities
  • Representations before Federal Board of Revenue
  • Representations before Courts in appeals

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