ZB Laws & Associates have a wide range practice in different business laws. Such as main essential part of business is making contracts. ZB Laws are giving great assistance in making different contracts for local as well as international clients.
The following are key points regarding the practice area of Business.
- Commercial Law
- Contract Law
- Corporate Governance
- Franchising Law
- Joint Venture Laws
- Mergers & Acquisition
ZB Law & Associates is taking special care to their clients many business individuals and companies in providing above practice area.
Here you may find information about tax law and lawyers in Pakistan. Our dedicated team of professional lawyers and consultants best assists their clients in understanding the tax law of Pakistan. Virtually every business decision today has tax consequences. You deserve the most practical, tuned-in and well-crafted tax solutions. We provide a comprehensive range of services from the completion of tax returns under corporation tax, self assessment to complex consultancy assignments and strategic tax planning.
Our ability to focus on our clients and deliver innovative tax solutions is enhanced by our knowledge of specific business environments including financial services, leisure, retail, sport, high growth companies, manufacturing and automotive, technology and communications, public sector, property and utilities. We also have a number of specialist tax groups who deal with specific complex areas of tax law. Our consultants can help you plan, grow and structure your business. We are known for our straightforward approach to solving our clients’ most complex business challenges. We work hand-in-hand with clients to improve the business performance, drive shareholder value and create a competitive advantage.
TAX LAW SYSTEM IN PAKISTAN
Federal taxes in Pakistan like most of the taxation systems in the world are classified into two broad categories, viz., direct and indirect taxes. A broad description regarding the nature of administration of these taxes is explained below:
Direct taxes primarily comprise of income tax. For the purpose of the charge of tax and the computation of total income, all income is classified under the following heads:
- Interest on Securities
- Income from Property
- Income from Business or Profession
- Capital Gains
- Income from Other Sources
All individuals, unregistered firms, associations of persons, etc., are liable to tax, at the rates ranging from 10 to 35 per cent.
Tax on Companies
All public companies (other than banking companies) incorporated in Pakistan are assessed for tax at the corporate rate of 35%. However, the effective rate is likely to differ on account of allowances and exemptions related to the industry, location, exports, etc.
Wealth Statement u/Sec. 116
Wealth Statement u/Sec. 116 is compulsory, where declared income is Rs. 500,000/- or more.
Tax u/Sec. 153(8A) (omitted)
Now, where NTN/CNIC is not available, the excess tax @ 2% shall not be collected.
Inter-Corporate Dividend Tax
Tax on the dividends received by a public company from a Pakistan company is payable at the rate of 5% and at the rate of 15% in case dividends are received by a foreign company. Inter-corporate dividends declared or distributed by power generation companies is subject to reduced rate of tax i.e. 7.5%. Other companies are taxed at the rate of 20%. Dividends paid to all non-company shareholders by the companies are subject to with holding tax of 10% which is treated as a full and final discharge of tax liability in respect of this source of income.
Treatment of Dividend Income
Dividend income received as below enjoys tax exemption, provided it does not exceed Rs. 10,000/-.
- Dividend received by non-resident from the state enterprises Mutual Fund set by the Investment Corporation of Pakistan.
- Dividends received from a Domestic Company out of income earned abroad provided it is engaged abroad exclusively in rendering technical services in accordance with an agreement approved by the Central Board of Revenue.
A person resident in Pakistan is entitled to a relief in tax on any income earned abroad, if such income has already been subjected to tax outside Pakistan. Proportionate relief is allowed on such income at an average rate of tax in Pakistan or abroad, whichever is lower.
Our dedicated team of professional lawyers best assists their clients as to constitutional litigation. Constitutional interpretations by Courts have played an important role in settling different issues involving Taxation, corporate, commercial, civil, criminal and customs as well as different matters of Individuals and Association of persons.
The English Law as a basis of our legal system puts a great premium on the dispensation of justice in a transparent, just and equitable manner with a right of appeal to the aggrieved person and to raise objections if any. The Land Acquisition Act 1894 and the Rules made thereunder provide a rational basis to acquire the property of an individual for public welfare purposes and for companies. Here it will be appropriate to explain the relationship between the Law and the rules framed thereunder. Acts/Laws set out standards, procedures and principles that must be followed. Rules provide the guidelines to implement the law in letter and spirit. Rules framed within the parameters provided by the Law are a binding, violation of which vitiates the whole proceedings.
In cases of acquisition of land for public purposes, the first step is the issuance of a notification under Section 4 of the Act. This notification indicates the desire of District Collector that land situated in a particular locality is needed for any public purpose or for a company and enables him to depute revenue staff to enter upon the land, survey its location and do all other acts necessary to ascertain whether the land is suitable for the purpose, it is being acquired.
We are specialized in Criminal litigations under Sales Tax Act, 1990, Income Tax Ordinance, 2001, Customs Act, 1969, Benami Transaction (Prohibition) Act, 2017, Anti-Money Laundering Act, 2010, NAB Ordinance, 1999 and all types of business-related criminal litigation.
Here you may find information about family law in Pakistan. Our dedicated team of professional lawyers best assists their clients as to family law in Pakistan. The legal system is based on English common law and Islamic law. The former is more influential in commercial law while the latter is more influential in personal status.
- Guardians and Wards Act, 1890
- Child Marriage Restraint Act, 1929
- Dissolution of Muslim Marriages Act, 1939
- Muslim Family Laws Ordinance, 1961
- (West Pakistan) Muslim Personal Law (Shariat) Application Act, 1962
- (West Pakistan) Family Courts Act, 1964
- The Offence of Zina (Enforcement of Hudood) Ordinance, 1979
- Law of Evidence (Qanun-e-Shahadat) Order, 1984
- Enforcement of Sharia Act, 1991
- Dowry and Bridal Gifts (Restriction) Act, 1976
- Prohibition (Enforcement of Hudood) Order, 1979
- Offence of Qazf (Enforcement of Hudood) Order, 1979
- Execution of Punishment of Whipping Ordinance, 1979 (many provisions of this Ordinance were repealed later on so as to limit the number of crimes to which it is applicable)