Tax Advisory

MKC possesses a reputed place in providing the tax consultancy services. Our tax advisory includes the tax optimization, strategic and international tax planning, & managing the compliance. Proficient tax advisors at MKC have the domain knowledge to understand the business and industrial issues. Hence, we provide tax advisory by developing new, innovative and customized solutions for its clients with effective tax assistance.

MKC relies upon the experience and expertise of its professionals to provide optimal solutions tailored to the needs of each client individually. In a legal environment where tax legislation is constantly under revision, our consultants keenly support the client’s business objectives, contribute to the implementation of the selected structure, and ensure compliance with all tax obligations.

In the dynamic business world, business organizations are facing fierce competition in the market industry to beat their competitors. Moreover, growing corporate entities have to meet the challenges of the global world. Therefore, they are implementing innovative tax strategies and planning to reduce the impact of tax incidence over the buyers & sellers and to maximize the profit for shareholders. At MKC, we assist our clients in fiscal obligations through proper planning and optimization. Also, we help them in domestic and foreign regulations with the assurance of compliance. Further, our team of tax consultants and professionals give complete guideline to multiple business entities about tax regulations. Therefore, business entities will be able to meet their business goals. Tax structuring is a key element of corporate business strategy when trying to achieve full tax compliance and reduce risks.

MKC provide client-specific tax services, such as:

• Consulting on corporate tax issues
• Effective and tax-efficient strategies for optimal tax management
• Tax Diagnostic Review in cases of tax audits
• Support and guidance during tax audits
• Effective and tax-efficient planning for investments
• Evaluation and optimization of the final effective tax rate
• Advice and support in understanding and implementing government regulations

MKC helps its customers to deal with the fiscal challenges in the strategic management of indirect taxes. Tax professionals at MKC possess enough capabilities to provide comprehensive advice and assistance in all areas of indirect taxes. Even, we cover from Customs to Federal Excise with the provision of complete support at every stage of business. Further, MKC provides help to business enterprises to keep track of their sales, purchases, inventories, input tax, output tax, and expenses.  We provide tax compliance advisory as per laws of Federal Board of Revenue (FBR), Punjab Revenue Authority (PRA), Sindh Revenue Board (SRB), Balochistan Revenue Authority (BRA), and Compliance of the ICT service tax advisory.  Hence, firms will be able to fulfill all legal requirements under the sales tax laws and regulations permanently.

MKC always presents up-to-date solutions regarding tax legislation and regulation issues as per the policies announced by the government. Hence, organizations will be able to grab the latest and updated tax services to add value to their business. Moreover, MKC assists business entities to get registration with the tax departments for income tax (NTN),& sales tax (STRN). MKC maintain statutory registers of their clients regularly. Not only this, but we also provide support for detailed filing process including the Income Tax Returns, Sales Tax Returns, and Withholding Statements. We also fulfill all requirements required by the FBR & PRA for the registration of the businesses.

MKC pay value to their clients. So, in case of adverse orders, we help clients in adjudications including filling & pleading of cases at the Appeal Level, Appellate Tribunal Level, FTO, ADRC, etc. Therefore, we keep track of all proceedings of our clients for the management of legal notices. Also, we offer the service of tax refunds on behalf of the tax filer.

The un-documented economy of Pakistan has been a curse, resulting in low tax to GDP ratio. Consequently, the withholding tax regime has become vital in the taxation system of Pakistan. WHT is an act of deduction or collection of tax at source, through withholding tax agents, which has generally been in the nature of an advance tax payment. More than 70% tax is being collected through WHT Regime under direct taxes.

Since 2007, Withholding Regime was extended for Indirect Taxes (Sales Tax) as well. Initially, Public Sector was made withholding Agent under Sales Tax Law which later was extended to Large Tax Payers. Recently, FBR has further extended the scope to all Companies which would have signification implications. The Provinces are also collecting sales tax on services after the 18th amendment and Withholding Tax Regime is also replicated under the provincial sales tax laws as well. Tax Authorities, to meet revenue targets, has been putting special focus on monitoring of withholding taxes. For the last few years withholding tax agents have to face WHT audits almost every year. Therefore, WHT agents need to be more careful regarding their obligations for Withholding Taxes under Income tax law. Withholding Tax Agents has to make certain compliance including e-filing of monthly withholding statements. MKC helps its clients to fulfill its withholding tax obligations e.g withholding tax compliances and withholding tax audits etc.

Constant changes in tax legislation and regulations make well-informed tax compliance extremely difficult. We provide effective structuring and the best solutions regarding your tax compliance obligations, with a wide spectrum of services including but not limited to the following:

• Regular audits and management reviews
• Tax coordination of overseas activities
• Corporate income tax compliance
• Indirect tax compliance
• Tax consulting and support

Entities doing business internationally need to fulfill certain tax obligations according to the requirements of the local laws of the respective country. Also, there are certain double taxation treaties where the incidence of the tax burden is defined and settled between countries. The reduction of the global tax rate applicable to businesses operating at an international scale is crucial to their success. Companies should approach their tax planning using criteria that go beyond the domestic tax laws of individual countries. From establishing subsidiaries and branches to structuring for the repatriation of profits, our tax experts will help you optimize an impending tax charge and keep you informed on tax developments that affect your business. Pakistan has signed tax treaties with almost all the major economies. MKC provide advisory on the international tax issues and guidance to optimize the tax cost to the entities working across borders.

Our services for international tax structuring include:

• Effective and tax-efficient strategies for domestic and international investments, pre and post any structured transaction
• Tax structuring for domestic and international transactions
• Management of tax claims and liabilities