Taxation

 

Direct Taxation Services:

FM Consultants Limited (FMC) offers clients a broad range of fully integrated taxation services. Our efficient and dedicated tax team helps the client feasibly comply with the tax law and eventually optimize additional tax burden by formulating effective strategies.

Corporate Taxation services:

1. Review of the financial statements in compliance with Income Tax Ordinance 1984 and Rules thereof to ensure compliance and minimize tax burden;
2. Advising on proper withholding tax from the payments and deposit to government exchequer on timely basis and to the right code of the accounts and issuance of certificates on withholding tax.
3. Preparation and submission of monthly statement under rules 18(7) and 21 of ITR, 1984.
4. Computation of Quarterly Advance Income Tax (AIT) and deposit the same to Govt. treasury .
5. Preparation and submission of half-yearly return of withholding tax under section 75A of ITO, 1984.
6. Preparation and submission of yearly statement of salary u/s 108 and information regarding the filing of returns by employees u/s 108A.
7. Assistance in income Tax Assessment at the Level of Deputy Commissioner of Taxes (DCT).
8. Preparation of the computation of total income and tax liability thereon as well as the income tax return in accordance with the provisions of Income Tax Ordinance, 1984 and submission of the same to the concerned income tax authority.
9. Review of documents and preparations of explanations with reference to law before attending a hearing of the DCT.
10. Collection of the assessment order and advising the clienton the future course of actions.
11. Assistance in the revised assessment at the DCT level, if the order is set aside by the CT (Appeals), Tribunal.

Appeal to the CT (Appeals)/ Appellate Tribunal/ Assenting in Review Application:

1. Preparation of Grounds of Appeal, Form of Appeal & written arguments/elaborations on grounds of Appeal referring to the applicable case references or interpretations of law by the tax authority or any other judicial authority.
2. Filing appeal to the Commissioner of Taxes (Appeals) against the order of the DCT.
3. Filing appeal to the Appellate Tribunal against the order of the CT (Appeals).
4. Attending hearing on behalf of the client before the appellate authority and following up on regular basis to expedite the disposal of the Appeal/Tribunal order.
5. Collecting Appeal/Tribunal order.
6. Assisting client in fling reference application to Honorable High Court Division of the Supreme Court against the order of the Taxes Appellate Tribunal by collecting necessary certified copies of the orders

Tax Advisory:

1. Tax Health checkup.
2. Tax Retainer Services.
3. Transaction Compliance.
4. Tax Consultancy.
5. To recommend opportunities from the perspective of income tax, if any, to the company upon review of the applicable transactions.
6. Opinion on queries and other issues.

Tax Exemption & Approval:

1. Preparing Deed and Rules of Provident Fund, Gratuity Fund, Superannuation Fund and obtaining approval of the same from the Commissioner of Taxes/ National Board of Revenue (NBR).
2. Obtaining approval on amendment/alteration of previously approved Fund Deed/ Rules from the taxation authority.
3. Arranging approval of Tax Holiday, Tax exemption from the National Board of Revenue (NBR).
4. Arranging tax exemption/reduced tax facilities on the income of foreign expatriates or on dividends, royalties, capital gains arising from share transfers etc. in the specific sector or in compliance with the applicable Double Taxation Avoidance Agreement (DTAA).
5. Assistance in obtaining certificates on no deduction of tax or deduction of tax at reduced rate applicable on outward remittance.

Personal Income Tax:

1. Tax planning and management.
2. Reviewing tax-related documents and income tax computation.
3. Submission of Income tax Return under normal assessment/ universal assessment.
4. Assisting to complete the assessment and obtaining tax clearance certificate.

Transfer Pricing:

1. Helping in preparation of statement of International transactions u/s 107EE.
2. Assistance in maintaining and keepingtransfer pricing documents report/s 107E.

Indirect Taxation Services

FMC has the expertise to offer optimum solutions to its clients to face the indirect tax challenges and resolve the complexities associated therewith.

Retainer and Consulting service

1. Assistance in obtaining VAT Registration & informing the VAT authority about the change of business address .
2. Assistance in VAT software installation (where applicable) and obtaining VAT central registration.
3. Advising on proper withholding of VAT from the payments of different categories of suppliers.
4. Advising and assisting a company in maintaining books and records, and issuing invoices and certificates in the prescribed forms as required by the VAT Law (e.g. sales book, purchase book, input-output coefficients, VAT invoice, VDS certificates and many more) within the required time frame.
5. Conducting computation of the net VAT liability and deposit the same to the Government exchequer on a timely basis and to the right code of accounts.
6. Preparation and submission of the monthly VAT Return (Mushak 9.1).
7. Assisting in preparation of Input-output Coefficient (VAT 4.3) and attending the hearings with proper explanation to the queries, if any, raised by the respective VAT Authority.
8. VAT health check-up.
9. Assistance in preparation of the statement of reconciliation between bank deposits and Revenue from the perspective of VAT.

VAT assessment at the level of Division, Commissioner and DG inspection:

1. Reviewing VAT assessments/notices issued by the Divisional Officer, Commissioner of VAT, DG inspection and advising on the way forward.
2. Preparation of the form of Appeal, Grounds of Appeal and elaboration of grounds or explanations.
3. Attending hearing before the Divisional Officer, Commissioner Appeal, Appellate Tribunal.
4. Obtaining Order of the VAT Authority.
5. Advisingthe client as per client requirement/questionnaire.