Taxation is the means by which the government raises income to cover its necessary expenses. A tax is a compulsory financial charge imposed on individuals or entities by the government.
In Pakistan, federal taxes are classified into two broad categories: Direct taxes and Indirect taxes.
The government uses tax revenues to facilitate public works and services and to build and maintain infrastructure. Taxes support economic advancement and societal well-being. While payment of taxes at government-imposed rates is mandatory, tax evasion (deliberate failure to pay full tax liabilities) is a criminal offence.
On the contrary, Tax Avoidance is a legal practice which involves taking measures to reduce tax liability.
The issues of tax evasion and fraud are significant in Pakistan. The authority responsible for tax collection and enforcement is the Federal Board of Revenue (FBR).Income Tax Ordinance 2001, Income Tax Rules 2002, Sales Tax Act 1990, Sales Tax Rules 2006, and Federal Excise Act 2002 are the statutes that regulate this system.
Every business and individual is obligated to pay taxes, as they are a universal reality. Specialized tax attorneys are indispensable because of the intricate nature of tax law, despite their complexity.
Tax implications are present in nearly every business decision made today. We believe that you have the right to well crafted, practical tax solutions.
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