Taxpayers obtain a National Tax Number (NTN) before engaging in taxable transactions. National Tax Numbers (NTNs) are necessary for payments of federal excise tax, sales tax, and income tax. To get into all legal assets, payments, and transactions, one must get his NTN registration by FBR. Individuals' NTN or Registration Number will be their 13-digit Computerized National Identity Card (CNIC) number. NTN registration is equally essential for everyone, whether you're a business owner or a crucial corporate employee. Below are some main points to consider when registering your company or business in Pakistan.
What is a Business NTN registration?
In Pakistan, you need to register an NTN for your business to register your business or company as an official taxpayer. One must submit the necessary documents and CNIC of the business owner or partner to further execute financial transactions and compliance.
Advantages of Business NTN registration in Pakistan:
- The owner of a business NTN may join forces with related organizations and regulatory bodies.
- The owner of a business NTN can join a variety of organizations
- Business NTN registration strengthens the company.
- The government offers many benefits to NTN holders who pay income taxes for their businesses and themselves.
- The owner of an NTN is eligible to join the chamber of commerce and industry and take benefits.
- The NTN holder is also given a preference for international visas.
Why is NTN Registration Important:
The FBR can receive tax returns only if your business has an NTN and is registered. Regular tax filing is required to comply with taxation laws. It plays a crucial role in enhancing the credibility of a business. Further, it also helps in the following:
Legal Compliance: In Pakistan, businesses must register with the NTN, if they don't, it may result in penalties, fines, and other legal issues. All businesses must register for an NTN number from the (FBR) Federal Board of Revenue to conduct business in Pakistan.
Tax Filing: To file tax returns with the FBR, you must register with the NTN. Businesses must file their tax returns on time to avoid penalties and legal repercussions.
International Recognition: Business Engaged in International Trade must Register with NTN to import and Export from appropriate authorities. When a Business is registered, they get a chance to spread there business worldwide.
Procedure of Business NTN Registration:
You can register your business for NTN in Pakistan through the FBR website's online e-registration process. You can get your NTN registration certification for your company and business in any city in Pakistan from WaysTax, a Taxation company in Pakistan if you cannot complete your NTN registration on your own. We simplify the process and make it hassle-free. You can also get assistance from our legal advisors at Ways Tax to register your business in Pakistan.
- Copy of Valid CNIC
- NTN of the employer, office with a valid email address.
- Copy of recent Utility bill
- Letterhead of Business
- Rent or Ownership Documents
These are the top reasons why it is highly recommended to register your businesses and get an NTN registration to legally follow the rules set by the government and benefit from the taxation facilities. You must visit our website, , to get know more about everything related to taxation in Pakistan.