Taxation Strategy to fulfill the Tax Compliances

The tax structure defined by the government of a country is to meet its expenditures to provide services and common facilities to the people of the country which include government current expenditure, development expenditure, and defense expenditures. Another purpose of taxation in the country is to attract more entrepreneurs for investment and play a vital role in the economic growth of the country. In business establishments, the management has to implement a taxation strategy to fulfill the tax compliances. Tax consultants in Pakistan offer tax advisory and align the taxation strategy with the business framework within the consideration of the tax risks. TMRAC possesses a reputed place in providing tax consultancy services in Islamabad, Karachi, Faisalabad, Rawalpindi, Lahore, Peshawar, and all over Pakistan. 

Tax advisory includes tax optimization, strategic tax planning, & managing the compliance covering clientele needs of private, business, AOP’s, non-profit, multinationals, and public sector organizations at the Federal and Provisional levels. Proficient tax advisors at TMRAC have the domain knowledge to understand business and industrial issues. Hence, they provide tax advisory by developing new, innovative, and customized solutions for its clients with effective tax assistance.

The detail of our tax consultancy services are as follows:

Income Tax Advisory

In the dynamic business world, business organizations are facing fierce competition in the market industry to beat their competitors. Moreover, growing corporate entities have to meet the challenges of the global world. Therefore, they are implementing innovative tax strategies and planning to reduce the impact of tax incidence over the buyers & sellers and to maximize the profit for shareholders. At TMRAC, we assist our clients in fiscal obligations through proper planning and optimization. Also, we help them in domestic and foreign regulations with the assurance of compliance. Further, our team of tax consultants and professionals give complete guideline to multiple business entities about tax regulations. Therefore, business entities will be able to meet their business goals.

Sales Tax Advisory

TMRAC helps its customers to deal with the fiscal challenges in the strategic management of indirect taxes. Tax professionals at TMRAC possess enough capabilities to provide comprehensive advice and assistance in all areas of indirect taxes. Even, we cover from Customs to Federal Excise with the provision of complete support at every stage of business. Further, TMRAC provides help to business enterprises to keep track of their sales, purchases, inventories, input tax, output tax, and expenses.  We provide tax compliance advisory as per laws of the Federal Board of Revenue (FBR), Punjab Revenue Authority (PRA), Sindh Revenue Board (SRB), Balochistan Revenue Authority (BRA), and Compliance of the ICT service tax advisory.  Hence, firms will be able to fulfill all legal requirements under the sales tax laws and regulations permanently.

Tax Registration, Filing, and Documentation

TMRAC always presents up-to-date solutions regarding tax legislation and regulation issues as per the policies announced by the government. Hence, organizations will be able to grab the latest and updated tax services to add value to their business.

Moreover, TMRAC assists business entities to get registration with the tax departments for income tax (NTN), sales tax (STRN), and WeBOC. TMRAC maintains statutory registers of their clients regularly. Not only this, but we also provide support for the detailed filing processes including the Income Tax Returns, Sales Tax Returns, and Withholding Statements. We also fulfill all requirements required by the FBR, PRA, KPRA, BRA for the registration of the businesses.

International Tax Advisory

Entities doing business internationally need to fulfill certain tax obligations according to the requirements of the local laws of the respective country. Also, there are certain double taxation treaties where the incidence of the tax burden is defined and settled between countries. Pakistan has signed tax treaties with almost all the major economies. TMRAC provides advisory on the international tax issues and guidance to optimize the tax cost to the entities working across borders.

Tax Adjudications and Tax Refunds

TMRAC pays value to their clients. So, in case of adverse orders, we help clients in adjudications including filling & pleading of cases at the Appeal Level, Appellate Tribunal Level, FTO, ADRC, etc. Therefore, we keep track of all proceedings of our clients for the management of legal notices. Also, we offer the service of tax refunds on behalf of the tax filer.

How TMRAC helps in Tax Advisory?

In the modern era of business growth, every organization is involved in transactions and operations at the national & multinational levels. In managing the business workflow, organizations face challenges regarding tax jurisdiction. Conclusively, tax planning is crucial for businesses to avoid tax risks and problems. Skillful and competent tax consultants at TMRAC design corporate planning strategies as per the client’s circumstances. For Example, evaluation, the applicability of taxes on transactions, tax benefits, and tax exemptions. Hence, we ensure the feasibility of the client’s businesses. Conclusively, TMRAC will be able to divide the clients’ tax burden at the administrative level. More than the above, we possess the abilities to help the current and new businesses to identify their growth prospective. Consequently, business entities can identify their strengths to grab the bright opportunity to achieve ‘Value for Money’ with efficient tax planning. We provide assistance in compliance guidance as per the FBR, PRA, SRB, BRA regulations. Additionally, in legal proceedings follow-up in court, business forecasting, and all other legal documentation to run the business successfully.

Withholding Taxes Management

The undocumented economy of Pakistan has been a curse, resulting in a low tax to GDP ratio. Consequently, the withholding tax regime has become vital in the taxation system of Pakistan. WHT is an act of deduction or collection of tax at source, through withholding tax agents, which has generally been in the nature of an advance tax payment. More than 70% of tax is being collected through WHT Regime under direct taxes.

Since 2007, Withholding Regime was extended for Indirect Taxes (Sales Tax) as well. Initially, Public Sector was made withholding Agent under Sales Tax Law which later was extended to Large Tax Payers. Recently, FBR has further extended the scope to all Companies which would have significant implications. The Provinces are also collecting sales tax on services after the 18th amendment and the Withholding Tax Regime is also replicated under the provincial sales tax laws as well. Tax Authorities, to meet revenue targets, have been putting special focus on monitoring of withholding taxes. For the last few years withholding tax, agents have to face WHT audits almost every year. Therefore, WHT agents need to be more careful regarding their obligations for Withholding Taxes under Income tax law. Withholding Tax Agents has to make certain compliance including e-filing of monthly withholding statements. TMRAC helps its clients to fulfill its withholding tax obligations e.g withholding tax compliances and withholding tax audits etc.

Courtesy: Tax advisory services in Saudia Arabia