Services

Table of Contents

INCOME TAX

National Tax Number Registration

Taxpayer Registration means, obtaining National Tax Number (NTN) from the Federal Board of Revenue (FBR) for making taxable transactions. NTN can also be used for Import and Export of goods. You only need copy of CNIC to get your NTN.

Income Tax Services

We not only file your Return of Income but we also advise you the best that help your in tax deduction and favorable to your business.

  • Preparation and filing of periodic Withholding Tax Statements (WHT).
  • Representation before Income Tax Authorities and follow up with them.
  • Preparation of reply of show causes notice and making representation before the Income Tax Return File
  • Appeal filing and Adjudication at various forums under Income Tax Ordinance, 2001.
  • Preparation of filling of refund claim.

Wealth Statement

Filing of Wealth Statement has been made mandatory. Every person filing income tax return required to file Wealth Statement U/s 116.

Wealth statement is the statement of all the assets whether existing or acquired or transfer out during the year, all the liabilities whether existing or assumed during the year and all the expenditure incurred during the year that is used to assess the actual income of an individual.

SALES TAX

Sales Tax Registration

The first step before filing your Sales Tax Return is to get yourself registered with Federal Board of Revenue (FBR). The registration with FBR provides you with a Sales Tax Registration Number (STRN). You only need to submit these documents to register.

  • Bank Account Details
  • Business details
  • Photographs of the business premises
  • Consumer number with the gas and electricity bills along with pictures of utilities meter

Sales Tax Services

Every person registered under the Sales Tax Act,1990, or the Federal Excise Act, 2005, is required to file a Sales Tax Return.

  • Advices and pursuing in claim for adjustment of input and output taxes, following up GST exemption(s) and GST audit.
  • Representation on behalf of the clients before GST assessment authorities and appellate authorities on contentious GST issues and dispute resolution.
  • Correspondence with the Federal Board of Revenue (FBR) for removing fiscal anomalies and obtaining Ruling on GST related issues.
  • Reviews of existing systems and monitoring to highlight possible areas of exposure to sales tax assessments and – associated penalties.
  • Appeal filing and Adjudication at various forums under Sales Tax Act 1990.

POS INTEGRATION WITH FBR

POS INTEGRATION IS NOW MANDATORY BY FBR FOR TIER 1 RETAILERS

All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system. It is become mandatory by Federal Board of Revenue (F.B.R) for live reporting of sales.

Asif & Company is ready to help you with all of the documentation required to comply with the POS system integration standards. Additionally, the professionals on our delegated team will give valuable advice on carrying forward your monthly sales tax returns and implementing them.

All Tier-1 retailers as categories below:

  1. A retailer, but operating as a unit of a national or international chain of stores;
  2. A retailer operating in an air-conditioned shopping mall, plaza, or center, excluding kiosks;
  3. A retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees twelve hundred thousand;
  4. A wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on a wholesale basis to the retailers as well as on retail basis to the general body of the consumers”;
  5. A retailer, whose shop measures one thousand square feet in area or more, and Any other person or class of persons as prescribed by the Board.
The sales tax rate for items sold by POS integrated retailers shall be the same as for all other suppliers as provided under the Sales Tax Act, 1990. Because the only exception is for locally manufacturing textile and leather items, which, if sold by integrated retailers, are subject to a concessionary rate of 14%, and if sold by any other supplier, are subject to 17% standard sales tax.
The software employed by the retailer should be able to handle returns and exchanges. Such software makes the necessary adjustment to sales revenue, reflecting sales reported to FBR. So if such returns and exchanges are not properly reflecting, the retailer can use debit/credit notes and record the same in Annex-I of the monthly sales tax return.
For online sales, the tier-1 retailer should integrate the utility provided by FBR in its website and ensure that the sales are reporting to FBR, and FBR invoice number and QR code are printing on the invoice generated and sent to the online customer.
A tier-1 retailer failing to integrate shall be liable to the penalty of Rs. 1 million, and in the event of continuing failure, may face sealing of his premises and embargo on his sales. Further, a disadvantage of failure to integrate, as provided in sub-section (6) of section 8B, is that the adjustable input tax of the retailer shall reduce by 15%.
Retailers bypassing the system shall face a penalty of up to five hundred thousand rupees or two-hundred percent of the tax amount involved, whichever is higher. Such retailers may also be sentencing to imprisonment, which may be extended to 2 years.
Any person who abets or connives with the retailer in suppression of sales or non-reporting of sales may be sentencing to imprisonment for a term that may extend to 1 year and a fine of up to two hundred thousand rupees. Software vendors providing for skimming in the software shall be subject to these penal provisions.

Pakistan Single Window

Pakistan Single Window (PSW) is a newly launched trade system, which provides a facility to parties involved in trade and transport to lodge standardized information and documents with a single entry point to fulfill all import, export, and transit-related regulatory requirements. Asif & Company help you to get registered with PSW to make your trade ease.

PARTNERSHIP / AOP /
FIRM FORMATION IN PAKISTAN

Registered it, with Ease!

Introduction

A person who wants to start a business might not have immediate access to the big sum of money required to get things going. In this case, adding an additional person or people is both common and advantageous. Along with addressing the issue of money availability, the combined knowledge of those people enables people to run their businesses more effectively. The arrangement between people who work together in a partnership to conduct business. This can range from a minimum of two to a maximum of twenty people in Pakistan. There is no requirement that the partners in a partnership provide an equal amount of capital. They share any earnings or losses according to the terms of their agreement, and they are accountable for the company’s debts. The collective partners are referred to as an “association of persons” or a “firm”. It is preferable to register a partnership even if it is not legally required to do so. The partners must create a formal contract outlining the terms and conditions as well as the percentages for profit or loss sharing. All partnership laws in Pakistan are governed by the Partnership Act, 1932.

Requirements to Register a Partnership

To the Registrar of the jurisdiction where the company or its office is located, people must deliver the following information with supporting documentation:
  1. The name of the firm – Individuals must not use some restricted words in the name;
  2. The principal place of business of the firm;
  3. Individuals must also include the name of the office where the company is performing;
  4. The full names of all of the partners and their permanent addresses;
  5. Individuals must also have the dates of joining of each partner; and
  6. The duration of the firm.
This statement will be signed by all parties before being submitted. The individuals have satisfied all registration requirements once you have the registrar’s satisfaction. The firm name will now be updated in the “Register of Firms,” and the statement will be submitted.

The Partnership Agreement

This is a partnership deed, and individuals must incorporate the following details in this:

  • NAME OF THE FIRM
  • NATURE OF THE BUSINESS TO BE CONDUCTED
  • LOCATION OR BRANCHES OF THE BUSINESS
  • DETAILS OF PARTNERS, INCLUDING THEIR NAMES AND ADDRESSES ALONG WITH THEIR CNIC NUMBERS
  • THE AMOUNT OF SALARY, IF ANY, PAYABLE TO THE PARTNERS
  • WORK DIVISION AND RESPONSIBILITIES FOR MANAGEMENT
  • THE FIRM’S BANK
  • THE DURATION OF THE PARTNERSHIP SHOULD BE STATED; IF THERE IS NO DURATION OR DETERMINATION, IT WILL BE CALLED A ‘PARTNERSHIP AT WILL’
  • THE PROFIT AND LOSS SHARING RATIOS
  • THE MAXIMUM AMOUNTS ALLOWED TO PARTNERS FOR WITHDRAWAL
  • ANY RULES CONCERNING THE ADMISSION OF NEW, AND RETIREMENT OF EXISTING PARTNERS
  • ANY DISPUTE PROVISIONS
  • THE METHOD OF DISSOLUTION

Let’s say the partners agree that the partnership won’t end or dissolve due to a partner’s passing or retirement. In that scenario, the act will reveal that.


Based on our study and experience, we frequently discover that people are generally reticent to get involved in issues involving correspondence or communication with government officials or engage with governmental agencies. This is where Asif & Company can help. Our staff is made up of highly qualified and experienced experts who are aware about the specifics and registration of a business and partnership.

Therefore, we can not only assist you with registering your company as a partnership with the Registrar but also in developing the terms of your partnership agreement and advising you on all legal issues associated with it.

Corporate Compliance and secretarial services

Done it, without the Anxiety!

With almost three decades of experience, Asif & Company. In order to improve and stabilize the economy, we want to aid the corporate sector in expanding. With reference to SECP, we offer Corporate Compliance and Secretarial Services, which we shall discuss in more detail below. Clients are better able to perceive the potential of their business when there are specialists, highly skilled professionals, and knowledgeable team members. Without a doubt, we offer a comprehensive and detailed roadmap when a commercial agreement is being made.

Additionally, Asif & Company offers services in relation to the Pakistan Securities and Exchange Commission (SECP). This guides businesses through a stress-free procedure where problematic lawsuits are avoided. This demonstrates our Advisors’ thoughtful and strategically sound approach. Above important, consultants keep up with any changes to Pakistan’s tax laws.

In addition to the aforementioned expertise, experience, and abilities of Asif & Company corporate consultants, we additionally offer tactical counseling, assistance, and pundit proficiency that help our clients achieve their goals.

Known services provided by Asif & Company to the corporate sector include those listed below:

  • STAYING UPDATED WITH ORGANIZATIONAL CHANGE IN CONSTITUTION
  • REGISTRATION AND INCORPORATION OF COMMERCIAL COMPANIES
  • REGISTRATION AND INCORPORATION OF SPECIAL PURPOSE VEHICLES (SPVS)
  • REGISTRATION/INCORPORATION OF NPOS & LLPS
  • PERMISSION/APPROVAL FOR FOREIGN COMPANIES
  • INCORPORATION OF COMPANIES UNDER COLLATERAL MANAGEMENT REGULATIONS
  • CHANGE IN OWNERSHIP STRUCTURE OF COMPANY
  • CHANGE IN LEGAL STRUCTURE OF THE COMPANY
  • REORGANIZATION OF CORPORATE STRUCTURE
  • BUSINESS PROCESS RE-ENGINEERING
  • COMPANIES’ GLOBAL REGISTER OF BENEFICIAL OWNERSHIP
  • REGISTRATION/VACATIONS OF MORTGAGES, CHARGES, OR PLEDGE
  • ALTERATION IN MEMORANDUM & ARTICLES OF ASSOCIATION
  • SHARES MANAGEMENT AND CAPITAL DOCUMENTATION
  • FILING OF ANNUAL STATUARY FORMS
  • ASSISTANCE IN INCREASING AUTHORIZED CAPITAL AND PAID-UP CAPITAL
  • RETURN OF ALLOTMENTS OF SHARES
  • RETURN CONTAINING SUBSTANTIAL SHAREHOLDERS/ OFFICERS’ PARTICULARS FOR COMPANIES’ GLOBAL REGISTER OF BENEFICIAL OWNERSHIP
  • APPLICATION FOR CONVERSION OF STATUS FROM INACTIVE TO ACTIVE COMPANY
  • FILING FOR AMALGAMATION SCHEME
  • COMPILING FURNISHED INFORMATION IN TRANSFER / TRANSFEREE-RELATED CASES
  • MANAGEMENT FOR NOMINEE CHANGES
  • FILING OF FINANCIAL STATEMENTS / AUDITED ACCOUNTS / UNAUDITED ACCOUNTS TO THE SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP)
  • WINDING UP / DEREGISTRATION OF COMPANIES
  • WINDING UP OF COMPANIES UNDER EASY EXIT SCHEMES
  • SERVICES AS SHARE REGISTRAR FOR LISTED COMPANIES
  • APPEALS AND HEARING BEFORE THE COMMISSION
  • OPINIONS AND ADVISORY OVER THE CORPORATE AFFAIRS ON APPLICABLE PROVISIONS OF THE CORPORATE LAWS INCLUDING COMPANIES ACT 2017, LIMITED
  • LIABILITY PARTNERSHIP ACT 2017 AND OTHER CORPORATE LAWS
  • HANDLING CORPORATE LITIGATIONS/ADJUDICATIONS WITH COMMISSION

With SECP, Asif & Company offers corporate compliance and secretarial services through professional staff members and highly qualified specialists. Our corporate consultants help our customers achieve their goals by offering pundit-skilled tactical counseling, direction, and advice.

AUDIT AND ASSURANCE SERVICES

Audit Services in Pakistan

Your business and Audit Services by Asif & Company make the perfect recipe for success!

Asif & Company offers a crucial and self-regulating audit that gives advantages beyond the conventional scope, regardless of whether your organization is just getting started or competing in the global arena. We collaborate with you to reflexively certify your constitutional needs.

Asif & Company offers a variety of audit and assurance services to your company in accordance with international auditing standards that are applicable in Pakistan and with the guidelines outlined in the Securities and Exchange Commission of Pakistan (SECP) Companies Ordinance and approved financial accounting standards as applicable in Pakistan, which comprises of Islamic Financial Accounting Standards (IFAS) issued by the Institute of Charted Accountants of Pakistan (ICAP) and International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board.

For your audit services, we take a thorough, effective, and economical approach. Additionally, it operates under the strictest professional business standards. Similar to this, Asif & Company not only uses a standard audit methodology but also creates audit procedures that are specifically catered to your company’s requirements. Our nationwide auditing procedures guarantee the same degree of transparency and quality.

Amazing service and so smooth! Mr. Hammad at Asif & Co made sure that things get done in a timely manner and all of my concerns were addressed and solved by him.
KHIZER A SALAM
Satisfied Customer
They helped me and were in constant contact with me every step of the way. I am now a lifetime client of Asif and Co. I will have them do my taxes from now on!
ASAD NAJEEB
Satisfied Customer
It was very difficult to file the tax. A common citizen was not properly guided to file the tax. But with them its the easiest thing to do. Great service provider. I highly recommend.
KHALID ASAD
Satisfied Customer

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