Tax Consultants in Islamabad

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How to Incorporate a company in Pakistan

To incorporate a company in Pakistan, you can follow these steps: Company Name Reservation: Choose a unique name for your company. Check the availability of the chosen name with the Securities and Exchange Commission of Pakistan (SECP) online or through their office. Submit the name reservation application with the required fee. Preparation of Legal Documents: Prepare the Memorandum of Association (MOA) and Articles of Association (AOA). These documents define the company's objectives, structure, and internal regulations. Determine the share capital, shareholding structure, and appointment of directors. Filing with the SECP: Prepare the incorporation application, including the required forms, MOA, AOA, and other relevant documents. Submit the application to the SECP along with the prescribed fee. Obtaining Digital Signature and National Tax Number (NTN): Apply for a Digital Signature from the National Institutional Facilitation Technologies (NIFT) or any other authorized service pr...
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Hotel business allowed carry forward loss for eight years

The amendment has been introduced through Finance Act, 2020, which was recently approved by the National Assembly. A new sub-section 2B of Section 57 to Income Tax Ordinance, 2001. The new sub-section is as: Sub-section 2B: Where a loss, referred to in sub-section (2), relating to a tax year commencing on or after the first day of July 2020 is sustained by a resident company engaged in the hotel business in Pakistan, the said loss shall be carried forward for a period of eight years.” The sub-section of the Section 57 before the amendment is read as: (2) If a loss sustained by a person for a tax year under the head “Income from Business” is not wholly set off under sub-section (1), then the amount of the loss not set off shall be carried forward to the following tax year and applied as specified in sub-section (1) in that year, and so on, but no loss can be carried forward to more than six tax years immediately succeeding the tax year for which the loss was first computed. ta...
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company registration service in Islamabad

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