Author: Advocate Shahid

As pointed out by Advocate Shahid (Income Tax Advisor in Lahore). In Pakistan, Farmer Registration with FBR (Federal Board of Revenue) is a simple, free, and mostly online procedure, which is carried out mainly via the Iris portal. Individuals who purchase land under the Land Act 1997, register with their 13 digit Computerized National Identity…

As mentioned by Advocate Shahid (Tax Attorney in Lahore). The Pakistani farmers are offered the option to get a National Tax Number (NTN) by registering as an individual (proprietor) through the FBR Iris Portal with the 13-digit CNIC serving as the NTN. It is done by filling in an online form, giving personal/agricultural land details…

In the opinion of Advocate Shahid (Best Tax Consultant in Lahore). In Pakistan, agricultural land is a source of agricultural income (e.g., crop sales, rent) and is usually not subject to the federal income tax, but to provincial tax. Trading, manufacturing or service-based business income is taxable under the Income Tax Ordinance 2001. Agricultural Income…

As stated by Advocate Shahid (Best Tax Lawyer in Lahore). The Minimum Tax on AOP (Association of Persons) in Pakistan in the tax year 2024-25 is usually 1.25 percent of gross turnover; this can be varied by the industry specific regulations. Minimum tax is paid when it is higher than the usual tax payable and…

In the perspective of Advocate Shahid (Tax Resolution Specialist in Lahore). In Pakistan, the calculation of Association of Persons (AOP) income tax involves the taxation of the total income of the AOP as a single entity at progressive, non-salaried rates (between 0% and 35% or 40% of professional firms) as opposed to taxing individuals. The…

From the standpoint of Advocate Shahid (Tax Compliance Expert in Lahore). To add partners to an Association of Persons (AOP) in Pakistan with the FBR, one will need to update the partnership deed and submit a modified Form 181 (Registration of181 Form) through the IRS portal. This procedure revises the NTN entry, and the information…

According to Advocate Shahid (Corporate Tax Advisor in Lahore). An Annual General Meeting (AGM) is a compulsory meeting that is conducted by a company and is usually an annual event to address some key issues that are related to the financial performance, future projection, and directors election of the company. It is employed as a…

As noted by Advocate Shahid (Income Tax Consultant in Lahore). The first legal document needed to incorporate a company is called Memorandum of Association (MOA), the constitution of the company, its name, objectives, and the limits within which it operates. It serves as a document of record where the company relates to outsiders and the…

As highlighted by Advocate Shahid (Tax Law Specialist in Lahore). In easy terms, the Article of Association (AOA) are a collection of rules, which stipulate the way a company acts. The rules also regulate the internal structure of the company including the rights and obligations of the directors, shareholders and other important stakeholders of the company….

You can enroll on the FBR Iris Portal by filling in your CNIC, mobile number and email to get an NTN to be considered a tax filer in Pakistan. Next, submit your annual income tax return and wealth statement and remember to pay all the taxes in order to be listed on the Active Taxpayers…

In Pakistan, filing of tax late is penalized by FBR Section 182 which includes a daily penalty of 0.1 percent of the amount of tax due payable, a minimum fine of Rs. 40,000 (in case of no tax to pay), and even a one-year imprisonment. Fifty percent penalty reduction would be provided in case of…

In Pakistan, the Federal Board of Revenue (FBR) keeps an official record of all those individuals and entities who have paid their annual income taxes successfully, known as the Active Taxpayer List (ATL). The advantage of being an ATL is that you will have “filer” status, which means that you will pay much less in…