After Company Registration In Pakistan, obtaining a National Tax Number (NTN) is a critical step to ensure compliance with the tax laws governed by the Federal Board of Revenue (FBR). An NTN is essential for conducting legal and financial operations, such as filing tax returns, opening a corporate bank account, and interacting with government entities. Here’s a detailed guide on how to obtain an NTN after company registration in Pakistan.
1. Understand the Importance of an NTN
A National Tax Number (NTN) serves as the company’s unique tax identification number. It is mandatory for all registered companies under the Income Tax Ordinance, 2001, and is required for:
Filing income tax, sales tax, and other statutory returns.
Opening and maintaining corporate bank accounts.
Importing and exporting goods.
Securing government contracts and other business dealings.
2. Prerequisites for Applying for an NTN
Before applying for an NTN, ensure that the following steps and documents are completed:
Company Registration: Your company must be registered with the Securities and Exchange Commission of Pakistan (SECP).
Corporate Bank Account: Opening a corporate bank account is recommended, though not mandatory, before applying for an NTN.
Access to FBR’s IRIS Portal: The FBR’s Integrated Risk Information System (IRIS) portal is used to apply for NTN and manage tax-related matters. Ensure you have access to the portal.
You will need the following documents:
Certificate of incorporation issued by the SECP.
Memorandum and Articles of Association.
CNIC copies of directors and the company’s authorized representative.
Proof of business address (e.g., utility bill or rental agreement).
A letter of authorization (if applying through a representative).
3. Registering on the IRIS Portal
The NTN application is submitted through the FBR’s IRIS portal. To register:
Visit the IRIS portal (https://iris.fbr.gov.pk/).
Select “Registration for Unregistered Person” if you do not already have an account.
Provide the company’s details, including name, registration number, and contact information.
Enter the CNIC details of the company’s authorized representative or director.
After successful registration, log in to your IRIS account using the credentials provided by the FBR.
4. Filing the NTN Application
Once you have access to the IRIS portal, follow these steps to apply for the NTN:
Log in to the IRIS Portal: Use your login credentials to access the dashboard.
Access the NTN Registration Form: Navigate to the “Registration” section and select “Income Tax Registration.”
Fill in the Details: Complete the form by providing the following information:
Company details, including name, SECP registration number, and business activity.
Business address and contact information.
Details of directors, including CNIC numbers and addresses.
Corporate bank account information (if available).
Attach Supporting Documents: Upload the required documents in the specified format.
5. Verification of Details
Once the application is submitted, the FBR verifies the information provided. Verification includes:
Cross-checking the Company Registration In Lahore details with the SECP.
Validating the business address through physical inspection or utility bill submission.
Ensuring that the details of directors match with their CNIC records.
The FBR may request additional documents or clarification during the verification process.
6. Issuance of NTN
If the application is complete and accurate, the FBR issues the NTN. The process typically takes 1–3 working days. Once approved, the NTN certificate can be downloaded from the IRIS portal.
7. Updating the NTN Certificate
After obtaining the NTN, ensure the following:
Update your business records with the NTN.
Share the NTN with your corporate bank to link it to your account.
Reflect the NTN on all invoices and correspondence to comply with tax regulations.
8. Post-NTN Compliance
After obtaining the NTN, your company is required to fulfill the following tax-related obligations:
File Tax Returns: File annual income tax returns and, if applicable, sales tax returns.
Maintain Proper Records: Keep accurate financial records to support tax filings.
Withholding Tax Compliance: Deduct and deposit withholding taxes on salaries, rent, and payments to suppliers, if required.
Non-compliance with tax laws can lead to penalties and legal issues, so it is crucial to stay updated with tax filing deadlines and requirements.
Key Considerations
Timeliness: Apply for the NTN promptly after company registration to avoid delays in opening a corporate bank account or engaging in business activities.
Accuracy: Ensure that all information provided in the application matches the SECP records and other official documents.
Professional Assistance: If the process seems complicated, consider hiring a tax consultant or corporate lawyer to assist with the application.
Conclusion
Obtaining an NTN after company registration in Pakistan is a straightforward process if the proper steps are followed. By registering on the FBR’s IRIS portal, submitting the required documents, and adhering to verification protocols, Hamza & Hamza Law Associates can secure your NTN efficiently. This essential step not only ensures compliance with Pakistan’s tax laws but also enables smooth business operations and access to various corporate services.
Kommentare