Indirect taxes including General Sales Tax (GST) can place a significant cost burden on business entities. GST in particular can affect a business’s cash flow and therefore it needs to be managed effectively.
Indirect taxes impact on every business and navigating the myriad of rules can be onerous. Where business entities have overseas activities and customers then administrative burden is increased which increase the chances of errors and non-compliances with different rules and regulations.
Our team assist all types of business entities with indirect taxes, from privately held businesses, Not for Profit organizations to large listed and multinational companies.
Our professional services include advice on compliance requirements, filling of returns, legal notices, objections and appeals on the following:
- General Sales Tax (GST)
- Land tax
- Stamp duty
- Customs and excise.
General Sales Tax (GST), which is a modified form of Value Added Tax (VAT) in Pakistan, occupies a conspicuous significance in the current regime of public finance and taxation. In Pakistan, since recent years, increasing number of goods and services are being brought within the ambit of the GST regime. Although it’s in nascent stage, the law governing GST is not only becoming far reaching but also highly complex, from compliance standpoint as well as from planning perspective, to manage the effects of the levy on pricing decisions and distribution structure and indeed on the “bottom-line”. It is, therefore, reasonable to expect a high level of focused enforcement by the tax authorities. By the same token, business enterprises need to address the issue not only in a timely manner but also through acquiring competent level of specialization, professional expertise and experience to avail and optimize benefits and to mitigate exposure of potential punitive action in the event of significant default.
Services pertaining to GST include:
- Applying for and obtaining GST registration and assistance and advisory services on related formalities
- Planning for benefit optimization and counseling for structuring of business operations, transactions, pricing structures, distribution Network, procurement channels and incentive and discount policies
- Counseling and advice on GST issues on a continuing basis
- Assistance and advices for the preparation of periodical GST Returns to enable clients to cause timely discharge of GST payment Obligation
- Advices and assistance in pursuing claim for adjustment of input and output taxes
- Representation before GST assessment and appellate authorities on contentious GST issues and dispute resolution
- Pursue and assist in following up GST exemption(s) and refund issue
- Representation to the Central Board of Revenue and Tariff Commission for removing fiscal anomalies and procuring ruling on contentious and obscure GST and related issues.
- Assessing GST implications for overseas companies
Custom and Excise Duty
Excise duty is a tax on production. Customs duty is applicable where the goods are imported. As both these are very potential duties, the compliances etc. related to these are also complex. These duties represent a part of the direct cost of the production/trade. There are many companies that are engaged in manufacturing / imports, these duties represent major costs and hence adequate planning and proper compliance is of prime importance.
MHSS help you in the following areas:
- Obtaining Import Export Code (WEBOC) registration
- Registration with Department of Excise
- Assessing Classification
- Assisting in valuation for tax levy
- Calculation of duty liability
- Assisting in Assessment
- Filing of returns and payment of taxes due.
- Advising on rebates/benefits available under the law
- Strategy, preparation and filing of appeals and representation before the authorities.
- Representation before authorities
We would be delighted to discuss how we can help you, and your group or company. Please get in touch and contact MHSS at [email protected] or alternatively, contact our office directly.