Income tax lawyers encompasses the taxation of income earned by individuals and businesses within a jurisdiction. It is a vital source of revenue for governments, enabling them to fund public services, fulfill commitments, and support the general welfare of the people.

At Hamara Qanoon, we provide comprehensive and tailored tax solutions to address the tax implications of various business decisions. Our services range from preparing tax returns under corporation tax and self-assessment to offering strategic tax planning and complex consultancy assignments. Our dedicated team of professional tax lawyers and consultants specializes in helping clients navigate Pakistan’s domestic tax laws.

We have extensive expertise in specific business environments, including financial services, leisure, retail, sport, high-growth companies, manufacturing, automotive, technology, communications, public sector, property, and utilities. Our consultants can assist you in planning, growing, and structuring your business. With a straightforward approach, we help clients overcome their most complex challenges, improve business performance, enhance shareholder value, and gain a competitive advantage.

Taxes play a crucial role in facilitating public works, services, and infrastructure development within a country. In Pakistan, as in many parts of the world, income taxes are levied on various forms of income, including salaries, capital gains, dividends, interest, and payments for goods and services.

Paying taxes at the rates determined by the government is compulsory, and tax evasion is punishable by law. However, tax avoidance, which involves legally minimizing tax liabilities and maximizing after-tax income, is perfectly acceptable. In Pakistan, the Federal Board of Revenue (FBR) is responsible for collecting taxes.

The objective of income tax law is to levy and collect taxes on individuals’ income for equitable purposes. The law also serves as a means of redistributing wealth through progressive taxation, aiming to address economic inequality and promote specific economic activities.

Our income tax law services in Pakistan cover a wide range of areas, including corporate and individual tax planning, compliance services such as income tax returns preparation, representing clients before tax authorities, international tax consultancy, obtaining advance rulings, establishing employee benefit schemes, and providing general tax advice based on current laws and rulings.

The tax system in Pakistan includes both direct and indirect taxes. Direct taxes primarily consist of income tax, which is levied on various categories of income, such as salaries, business or professional income, capital gains, property income, and income from other sources. Personal tax rates range from 5% to 35% for the Tax Year 2022.

Companies in Pakistan, including public companies and banking companies, are subject to corporate tax rates of 29% and 35% respectively, with variations due to industry-specific allowances and exemptions.

In addition to income tax, Pakistan also has regulations regarding wealth statements, inter-corporate dividend tax, unilateral relief for foreign income, and performing high-quality audits. Our team of professionals excels in delivering reliable audit services and providing investment advisory services, including investment analysis, business feasibility studies, and assistance with regulatory compliance.

We are committed to providing you with expert advice and solutions that align with your unique business needs and goals. Contact us today to benefit from our knowledge and experience in income tax law in Pakistan.

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