Welcome to TAXSPAX
TaxSpax is a premier tax consulting firm, recognized for its deep expertise in managing a broad spectrum of tax-related issues and litigation.
Who We Are
COMPANY OVERVIEW
TaxSpax, established in 2012, progressive tax consulting firm, equipped with advanced expertise and a growing reputation in the industry.
- TaxSpax specializes in auditing, management consulting, Book Keeping, Corporate(SECP) and tax services. We uphold strong core values and maintain high standards of performance across all our operations.
- Our firm serves a diverse clientele engaged in various industries, including manufacturing and services, as well as trade, commercial importer. Each client benefits from the personalized attention of our partners, with our professionals dedicated to working closely with clients to address their unique needs.
- The firm is led by three partners and supported by a team of professional and administrative staff, ensuring a well-rounded approach to service delivery and client support.
Services We Offer
We offer expert advice on managing internal financial systems to enhance business planning and corporate finance strategies.
Internal Audit
Our Practice Segment offers a comprehensive suite of assurance services, focusing primarily on verifying the reliability and relevance of financial information, as well as evaluating a broad spectrum of non-financial data, processes, operations, and procedures. We emphasize the effectiveness and efficiency of controls across these areas.
Learn MoreManagement Consulting Services
Our Financial Consultancy Department is dedicated to addressing complex management challenges faced by our clients. We are prepared to implement bespoke solutions as needed, ensuring that our clients' specific requirements are met with precision and expertise.
Learn MoreCorporate and Statutory Services
We offer expert advice on managing internal financial systems to enhance business planning and corporate finance strategies. Our extensive knowledge in financial planning, reporting, control systems, and treasury risk management enables us to deeply understand our clients' operations. We assist in refining existing financial processes or developing new strategies to meet specific needs, thereby positively impacting both short-term profitability and long-term financial health.
Learn MoreTaxation Services and Tax Planning
When offering taxation and tax planning services, here’s a comprehensive list of the types of services you might provide.
Learn MoreAccounting and Book Keeping Services
Bookkeeping is an essential service that offers numerous benefits, particularly for small organizations. Here’s how you can present your bookkeeping services and the key benefits
Learn MoreHuman Resource (HR) Consulting
Our Human Resource Consulting services focus on aligning HR strategies with the overall business strategy of an organization, fostering a robust HR culture. We assist clients with a comprehensive range of HR-related issues, including
Learn MoreProfessional Resources
The clients serviced by us are small to large scale including multinationals, both in public and private sectors and are engaged in the following diversified range of business:
Professional Resources
The clients serviced by us are small to large scale including multinationals, both in public and private sectors and are engaged in the following diversified range of business:
The Finance Act 2024: Key Changes and Implications
The Finance Act 2024 has introduced significant changes that are poised to impact Pakistan’s economy and taxpayers alike. This year's Act, known for its complexity, reflects the government's efforts to increase revenue while fostering economic growth.
Key Income Tax Changes:
The Act introduces new tax brackets aimed at higher income groups, increasing their tax obligations. Corporate tax rates have also been revised, with some industries benefiting from tax relief and others facing higher rates. Additionally, new tax credits have been introduced to promote investment in green technologies and small businesses.
Adjustments in Sales Tax and Excise Duties:
Sales tax rates on luxury goods have been raised, and the scope of taxable goods and services has expanded. New federal excise duties target products like sugary drinks and tobacco, aligning with public health objectives while boosting revenue.
Customs Duties and Tariff Rationalization:
To protect local industries, the Act imposes higher tariffs on luxury imports and reduces duties on essential raw materials. This strategy aims to support domestic manufacturing while managing the country’s import bill.
Broadened Tax Base and Compliance Measures:
The government has tightened documentation requirements, particularly for the informal sector, in an effort to expand the tax base. Stricter penalties for tax evasion and non-compliance have also been introduced, reflecting a stronger enforcement stance by the Federal Board of Revenue (FBR).
Challenges and Strategic Considerations:
The increased compliance burden, especially for small and medium enterprises (SMEs), is a significant challenge. Businesses and individuals must now focus on strategic tax planning and investment in compliance to navigate the new regulations. Taking advantage of the new tax incentives will be crucial for those in eligible sectors.
Conclusion:
The Finance Act 2024 presents both challenges and opportunities. While it imposes new obligations on taxpayers, it also offers avenues for growth in targeted industries. Staying informed and adapting to these changes will be essential for businesses and individuals alike.
M.Rehman
Advocate High Court
Contact
Address
Office No. 3 2nd Floor, Niazi Building 42/8 Lower Mall, Near Session Court, Lahore
Call Us
+92-339 200 7160
Email Us
taxspax@gmail.com