MTCL Associates

  How to Become a Proper Tax Filer in Pakistan By M. Khizar Muhaddes,  CEO, MTCL Associates Becoming a proper tax filer in Pakistan is essential for individuals and businesses to ensure compliance with tax laws, avoid penalties, and avail benefits like reduced tax rates and exemptions. This guide provides a step-by-step approach to becoming a registered taxpayer in Pakistan. 1. Understanding Tax Filing in Pakistan The Federal Board of Revenue (FBR) oversees tax collection in Pakistan. Individuals and businesses must file their income tax returns annually to stay compliant and avoid higher tax rates imposed on non-filers. 2. Steps to Become a Tax Filer Step 1: Obtain a National Tax Number (NTN) To file taxes, you need an NTN, which can be obtained through the FBR portal: Register using your CNIC (for individuals) or company details (for businesses) Complete the online registration form Submit and receive your NTN Step 2: Register on the FBR IRIS System Once you hav...

  Aasan Karobar The CM of Punjab, has introduced the "CM Punjab Asaan Karobar Finance" and "Asaan Karobar Card" schemes to support small and medium-sized enterprises (SMEs) in the province.  Asaan Karobar Card: Loan Amount : Provides interest-free loans ranging from PKR 500,000 to PKR 1 million. Tenure : 3 years, with a 3-month grace period. Usage : Funds can be utilized for vendor and supplier payments, utility bills, government fees, taxes, and cash withdrawals (up to 25% of the limit) for miscellaneous business purposes.  Asaan Karobar Finance Scheme: Loan Amount : Offers interest-free loans up to PKR 30 million. Tenure: Up to 5 years, with a grace period of up to 6 months for startups and 3 months for existing businesses. Purpose : Supports new business startups, expansion, modernization, working capital, leasing of commercial logistics, and climate-friendly businesses.  Eligibility Criteria: Age : 21 to 57 years for the Asaan Karobar Card; 25 to 55 years for t...

 New Pension Policy 2024  Understanding the New Pension Rule: By Khizar Muhaddes, CEO, MTCL Associates The recent changes to the pension law bring significant reforms to the way pensions are calculated and distributed. i would like to shed light on the key aspects of these changes, which will impact retirees in the coming years. Here are three main points to understand: Pension Based on the Last 24 Months The revised pension law stipulates that a person's pension will now be based on the average salary or earnings over the last 24 months of service. This change ensures that the pension is more reflective of an individual's final earnings, aligning it with the most recent financial realities. No Double Pensions A crucial shift in the law is the elimination of the entitlement to two pensions, even for married couples. Both partners will receive their respective pensions, but only one pension per person will be granted, ensuring fairness and equity within the system. Increases an...

Unknown Exception in FBR IRIS Portal: A Temporary Glitch Due to Internal Issues By Khizar Muhaddes, CEO, MTCL Recently, users have encountered an error message on the FBR IRIS portal stating, "Unknown exception occurred. Contact system administrator." This issue is being attributed to internal problems within the Federal Board of Revenue (FBR) system. While such errors can cause inconvenience, it's important to note that this is not a user-side issue. FBR's technical team is actively working on resolving the glitch. These types of errors are typically temporary and are resolved as part of regular system maintenance or updates. If you encounter this message, it's advisable to be patient and keep checking the portal for updates. Meanwhile, we at MTCL are closely monitoring the situation and will provide guidance as necessary. Stay tuned for further updates and always rely on official communication from FBR for the most accurate information. Khizar Muhaddes CEO, MT...

 FBR New Password Policy update 60 Days By Khizar Muhaddes,  CEO, MTCL Associates  we believe in the FBR of innovation and the importance of safeguarding our clients’ data. As part of our ongoing commitment to security and privacy, we have introduced an updated password change policy that aligns with the latest industry best practices and enhances the protection of your personal information. The Need for Change In today’s rapidly evolving digital landscape, where cyber threats are becoming increasingly sophisticated, the security of sensitive data is more crucial than ever.  Under FBR updated policy, after 60 days, users will be prompted to either change their password or reset it using their registered email or phone number. This ensures that even if an account has been compromised or a password is outdated, we can still take the necessary measures to protect your personal and business information. Why 60 Days? You might wonder, “Why every 60 days?” The reasoning be...