Our clients rely on our tax advises in making crucial business decisions. One of our expertise is to provide our opinion which is based on our interpretation of law, knowledge and experience of similar cases. We also provide advisory services on tax implications of unusual and extraordinary transactions. We consider it as one of our strongest strengths. We are committed to work for the benefit of our clients since we firmly believe that our success lies in the success of our clients

International Taxation

We face international issues like repatriation of dividends, profits, interest, transferring into and out of the country on a regular basis. Understanding the ‘avoidance of double taxation treaties’ and its laws is of foremost importance .Our team leader’s vast experience in assessments of multinationals gives us an added advantage.

Communication with the FBR

We obtain clarifications from the FBR on specific issues on behalf of our clients. FBR’s clarifications are extremely helpful in unclear and ambiguous matters. Our reputation and knowledge of the FBR structure helps us in obtaining various clarifications promptly. These clarifications are particularly helpful when the tax department is taking a view, which is different from our interpretation of law.

Strategic Tax Planning

As in any other case, tax planning is one of the most important functions for any company. By planning ahead, one is in fact looking in future. Although the absolute outcome of the future can never be determined, one can substantially reduce business risks by anticipating and planning accordingly. We feel that planning, acting and reacting is an ongoing process, which should be performed on a regular basis. In order to further assist in this matter, we also provide our clients on their specific requests with the projected accounts and the implication of taxation on the projected revenues. Our team of creative financial managers and taxation experts provide the client with innovative ideas so that the clients maximize their returns while remaining within the legal parameters.

New Entrant Services for Pakistan

Multinational companies seeking to conduct business in Pakistan need more than local tax expertise. We provide a comprehensive range of professional services in the field of corporate and personal taxation. We also engage in licensing requirements of the regulatory authorities and also permission from the government, incorporation and registration with the tax departments.

Transfer Pricing

For our multinational clients a host of issues can affect their position both in Pakistan and abroad. Whether the transactions are of capital or commercial nature, we can assist in all aspects of transfer pricing. Reducing tax liability requires up-to-date information on the kaleidoscope of shifting tax regulations and laws. We provide recommendations on the most tax-efficient corporate structures and supply extensive information on current tax rules and rates.

Tax Compliance Works 

The compliance services generally include filing of statutory returns and statements, routine attending of the hearings with the income tax department as well as responding to routine income tax notices serviced on the client under the Income Tax Ordinance 2001, and the IT Rules of 2002.  We also prepare the taxable income from the audited accounts so that all the allowances, credits ,exemptions and other concessionary benefits permitted under the statutes are properly and legally computed so that only that much tax is paid as is due. This in most cases reduces the tax burden drastically as accounting income is normally different from the taxable income

Sales & Service Tax Compliance Work

Sales tax compliance work in Pakistan involves ensuring that businesses are collecting and remitting the appropriate amount of sales & services tax to the Federal Board of Revenue (FBR), Punjab Revenue Authority (PRA) Baluchistan Revenue Authority (BRA) Sind Revenue Board (SRB )( KPRA)  KPK revenue authority in accordance with the Federal Sales Tax Act, 1990, PRA Service Act 2012,BRA services tax act 2015 SBR service tax act 2011and KPRA service ta Act 2013  To achieve sales tax compliance, businesses need to register for sales tax with the FBR, PRA, BRA, SRB and KPRA obtain a Sales Tax Registration Number (STRN). Once registered, businesses must file monthly sales tax returns with the FBR and respective service tax authorities and reporting their taxable sales and amount of sales tax collected.

Businesses are required to collect standard sales tax at a rate of 17% on most goods and services sold in Pakistan. Some goods and services are exempt from sales tax, while others may be subject to a reduced rate. It is important for businesses to understand which goods and services are subject to sales tax and at what rate to ensure that they are collecting the correct amount of tax. Non-compliance with sales tax regulations can result in penalties and fines. Therefore we maintain accurate records of their sales and tax payments and to ensure that they are complying with all relevant laws and regulations.

We also prepare the taxable sales from sales tax record maintained so that all  ,exemptions and other  reduce rate concessionary benefits permitted under the SRO’ and zero rated are properly and legally computed so that only that much sales tax is paid as is due. This in most cases reduces the sales tax burden drastically.

Appeals and Proceedings

We take appeal as challenge rather than a formality. Mainly, the appeals are made in two forum, viz, the Commissioner/Collectors (Appeals) of Income Tax / Sales Tax and Federal Excise and the Income Tax Appellate Tribunal (ITAT). Before attending any appeal hearing, we carry out extensive study of the relevant provisions of laws and decided cases. Another proof of our strong grounds of appeal and persuasive arguments is that most of the cases that we attend are finalized very soon. Our tax library is kept up-to-date to provide us the relevant information as and when required. The following services are being provided:

• Preparation and filing of appeal documents with Commissioner of Income Tax (Appeals), Sales Tax and Central Excise.
• Preparation and filing of appeal documents with Income Tax Appellate Tribunal.
• Research, Preparation of written submissions and attendance before the Commissioner/ Collector (Appeals) in order to argue/defend appeal.
• Research, Preparation of statements of facts and attendance to argue/ defend appeal before the Income/ Sales Tax Appellate Tribunal.
• Research, Preparation of statements of facts and attendance to argue/ defend reference application before the Income/Sales Tax Appellate Tribunal.

Corporate Law Services

Corporate Consultancy 

Trade secret protection: This involves protecting confidential and proprietary information, such as customer lists, business methods, and manufacturing processes, through the use of non-disclosure agreements and other legal mechanisms.

Intellectual property strategy development: This involves developing a comprehensive strategy to protect and leverage intellectual property assets, including licensing agreements, infringement monitoring, and litigation .TCTS have a track record of success in intellectual property registration and suppor <br>

Partnership Registration

Partnership registration services include: Legal consultation: This involves a legal expert providing guidance on the legal requirements for starting and registering a partnership, including the relevant laws and regulations that need to be followed.

Document preparation: preparation of all the necessary documents required to register a partnership, such as the partnership agreement, partnership deed, and other legal agreements.

Registration filing:  filing the necessary documents with the registrar of the firm responsible for partnership registration.

Follow-up and compliance: We make ensure that the partnership is in compliance with all the necessary regulations and laws, and assisting with any ongoing compliance requirements.

Our firm has expertise in the specific jurisdiction where the partnership is being established. We have track record of success in partnership registration and support.

Chamber of commerce Membership RCCI & ICCI

To register with a Chamber of Commerce in Pakistan, you will generally need to follow these steps: Determine which Chamber of Commerce is relevant to your business. This will depend on the location of your business. For example, if your business is located in Lahore, you will need to register with the Lahore Chamber of Commerce and Industry.

We File the registration form with accurate information about your business. You will likely need to provide details such as the name of your business, its address, the nature of its activities, and its legal status. Submitting the registration form along with any required documentation, such as proof of business registration, proof of tax registration, and identity documents of the business owner(s). Pay the registration fee, which varies depending on the Chamber of Commerce.

Once your registration is complete, you will become a member of the Chamber of Commerce and gain access to various services and benefits, such as networking opportunities, business development resources, and advocacy services.

V- BOC Registration

If you want to import or export goods in Pakistan, you need to register with the Custom authorities. Here are the steps you need to follow for import and export registration in Pakistan:

For Import  Registration :V-Boc

Obtain an NTN (National Tax Number) from the Federal Board of Revenue (FBR) if you don’t already have one. Register with the Chamber of Commerce of Pakistan.

Obtain an Import Registration Certificate (IRC) from the Trade Development Authority of Pakistan (TDAP) or the relevant Provincial Department of Trade. or Export Registration:

Obtain an NTN (National Tax Number) from the Federal Board of Revenue (FBR) if you don’t already have one. Register with the Chamber of Commerce of Pakistan.

Obtain an Export Registration Certificate (ERC) from the Trade Development Authority of Pakistan (TDAP) or the relevant Provincial Department of Trade.

Note: The specific requirements and procedures may vary depending on the nature of your business and the type of goods you intend to import or export.  TCTS has track record for obtaining (IRC),(ERC) and ( v Boc Registration ,if you out source registration task  to our firm then  we shall provide you complete solutions.

 NGO & NPO Registration Services

We provide you   help for registration of N G O and NPO with security  Exchange Commission of Pakistan (SECP) and govt registrar of firms  we also provide guidance and support in the areas of legal compliance, financial management, and capacity building.

To register an NGO or NPO in Pakistan, the organization must first decide on its legal structure and then follow the relevant registration process. The most common legal structures for NGOs and NPOs in Pakistan are Trusts, Societies, and Section 42 Companies.

It is important to note that the registration process can be lengthy and complex , Hence if you outsource registration service to our firm that will save your time money as we have track record of registering  NGO’S And NPO’s we shall assistance you with all legal requirements and regulations.

 Gratuity Fund Registration

Gratuity is a payment made by an employer to an employee as a reward for their services rendered to the organization. In Pakistan, employers are legally obligated to provide gratuity to their employees according to the Payment of Gratuity Act, 1972.

To register a gratuity fund in Pakistan, the employer must follow certain legal requirements and regulations. The process involves obtaining approval from the relevant government authorities, such as the Securities and Exchange Commission of Pakistan (SECP) and the Federal Board of Revenue (FBR).

We provide guidance and support to employers in setting up and managing gratuity funds, ensuring compliance with legal requirements and regulations, and providing assistance in case of any issues or disputes.

It is important to note that the registration process for gratuity funds can be complex and time-consuming,  Hence if you outsource the gratuity fund registration that will save your time and money as we comply with all legal requirements and regulations.

 Provident Fund registration

Provident fund is a retirement benefit scheme for employees in Pakistan. The Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, regulate provident funds in Pakistan.

To register a provident fund in Pakistan, the employer must follow certain legal requirements and regulations. The process involves obtaining approval from the relevant government authorities, such as the Securities and Exchange Commission of Pakistan (SECP) and the Federal Board of Revenue (FBR).

We provide guidance and support to employers in setting up and managing provident funds; ensuring compliance with legal requirements and regulations

Audits

In Pakistan, income and sales tax audits are conducted by the Federal Board of Revenue (FBR) to ensure that individuals and businesses comply with the tax laws and regulations.

An income tax audit is a review of a taxpayer’s financial records and tax returns to ensure that the reported income, deductions, and credits are accurate and in compliance with the tax laws. The FBR selects taxpayers for audit based on various criteria, including risk assessments and random selection.

A sales tax audit, on the other hand, is conducted to ensure that businesses are accurately reporting their sales and collecting the appropriate amount of sales tax from their customers. Sales tax audits are also conducted by the FBR, and businesses can be selected for audit based on various factors, including their size, type of business, and risk assessment.

During an audit, the FBR will typically review a taxpayer’s financial records, including bank statements, receipts, invoices, and other relevant documents. If any discrepancies or inconsistencies are found, the FBR may request additional information or documentation and may also impose penalties and fines for non-compliance.It is important for taxpayers to maintain accurate and complete financial records and to comply with all tax laws and regulations to avoid potential penalties and fines.

That the TCTS manager taxation & audit present the case before tax authorities;  reply and defend all quarries raised by assistant/deputy commissioner Income tax till the final assessment order.         

Refunds

In Pakistan, taxpayers are entitled to receive tax refunds if they have overpaid their taxes or if they are eligible for tax credits or exemptions. Tax refunds can be claimed for both income tax and sales tax.claim a tax refund, taxpayers must file a tax return and provide evidence of the overpaid tax or the tax credits or exemptions they are entitled to. The Federal Board of Revenue (FBR) is responsible for processing tax refunds in Pakistan.

Once the tax return is filed and processed by the FBR, if the taxpayer is entitled to a refund, the FBR will issue a refund voucher. The taxpayer can then claim the refund by presenting the voucher to their designated bank . It is important to note that tax refunds in Pakistan may take some time to process due to the FBR’s internal procedures and workload. Through an ongoing process and follow up we check the taxpayer’s status of their refund by contacting the concerned (RTO) or even FBR Head office if needed

It is also important for taxpayers to ensure that their tax returns are accurate and complete to avoid any delays in processing their refunds. Additionally, taxpayers should keep track of their tax records and documentation to support their claims for tax refunds.

We have track record of tax refunds service for our taxpayers /clients form FBR

        Accounting & book keeping 

Accounting and bookkeeping services are essential for businesses to maintain accurate financial records and make informed decisions. Accounting involves recording, classifying, and summarizing financial transactions, while bookkeeping involves the daily recording of financial transactions.

Accounting and bookkeeping services can be provided by internal staff but if it is outsourced to team of our experts  then the specific tasks performed in these services may include: as follow.

Recording financial transactions: This involves recording all financial transactions, including sales, purchases, and expenses, in an organized manner.

Reconciling bank statements: Comparing bank statements with financial records to ensure that all transactions are accounted for and there are no discrepancies.

Generating financial statements: preparing financial statements such as balance sheets, income statements, and cash flow statements, which provide an overview of the company’s financial performance.

Managing accounts payable and accounts receivable: managing payments to suppliers and collecting payments from customers.

Budgeting and forecasting: creating a budget and forecasting future financial performance based on historical data.

We prepare business financial statement which is presentable for external audit and tax audit to save time and resources for businesses while ensuring compliance with accounting standards and regulations.

POS Integration Services  

POS integration (Point of Sale integration) refers to the process of integrating a point-of-sale system with other software or systems to enable the exchange of data between them. In Pakistan, POS integration has become increasingly popular among businesses, particularly those in the retail and hospitality industries.

We offer POS systems and related services, including integration with other software and systems. , such as cloud-based POS, tablet-based POS, and traditional desktop-based POS. we provide tailor made solution for it at reasonable price