Answers to the questions we hear most.

Anyone earning above the taxable threshold must file an annual income tax return with the Federal Board of Revenue (FBR) — this includes salaried individuals, sole proprietors, partnerships (AOPs) and companies.

You are also generally required to file if you own a vehicle above a certain engine capacity, own immovable property of a certain size, have a commercial electricity connection, or hold an NTN. Even when no tax is payable, filing is what places you on the Active Taxpayers List.

The ATL is FBR's public register of everyone who has filed their return for the latest tax year. Your status — filer or non-filer — directly changes the tax withheld on everyday transactions.

Non-filers pay significantly higher withholding tax on banking transactions, vehicle registration, property transfers, dividends and profit on savings. For an active household or business, the difference over a year can be substantial. Filing on time keeps you on the ATL and lowers these rates.

For salaried individuals: CNIC, salary certificate, bank statements, and details of any property, vehicles and other income, plus records of tax already deducted at source.

For businesses: accounts or a summary of income and expenses, bank statements, withholding records, and details of assets and liabilities. TFMC can tell you exactly what applies to your situation before you start.

Late filing removes you from the Active Taxpayers List and exposes you to higher withholding tax across most financial activity. FBR can also impose penalties and a late-filing surcharge.

Persistent non-filing can lead to notices, assessments and recovery action. If you have missed previous years, it is usually simpler and cheaper to regularise than people fear — we can handle prior-year returns and bring you back onto the ATL.

Yes. If more tax was deducted from your salary or other income than you actually owed, you can claim the excess back by filing your return correctly and lodging a refund application with FBR.

Many salaried filers are owed refunds without realising it. We review your deductions and file the claim on your behalf.

An NTN (National Tax Number) is your registration identifier with FBR. For individuals it is now linked to your CNIC; businesses are issued a separate registration.

Registration is done through FBR's IRIS portal. TFMC can register you for an NTN and file your first return together so you are immediately compliant and on the ATL.

Companies are registered with the Securities and Exchange Commission of Pakistan (SECP). The process involves reserving a company name, preparing the memorandum and articles of association, and filing incorporation documents through SECP's eServices portal.

Once incorporated you also register with FBR for an NTN and, where applicable, for sales tax. TFMC handles the entire incorporation end to end, including post-registration compliance.

A private limited company is a separate legal entity registered with SECP — it offers limited liability, easier access to finance and a more credible structure for growth, but carries annual compliance obligations.

A sole proprietorship is the simplest form, registered only with FBR, where the owner and business are legally the same. A partnership or Association of Persons (AOP) involves two or more people sharing profits, and can be registered with the Registrar of Firms. We advise on the right structure for your goals, tax position and risk.

Registered companies must file an annual return (Form A / Form 29 for changes in directors or officers), maintain statutory registers, hold an Annual General Meeting where required, and submit audited financial statements depending on company size.

Beneficial ownership information must also be kept up to date. Missing these filings attracts penalties. TFMC tracks and files these for clients so nothing is missed.

SECP requires companies to declare their ultimate beneficial owners — the real individuals who own or control the company — and to update this whenever it changes.

It is part of Pakistan's anti-money-laundering framework. We prepare and file the required declarations and keep your records current.

Yes. Foreign nationals and foreign companies can own shares in a Pakistani company, and in many sectors 100% foreign ownership is permitted, subject to sector-specific rules and State Bank requirements for bringing in capital.

TFMC regularly assists foreign investors with incorporation, structuring and the related regulatory approvals.

Our litigation practice covers corporate and commercial disputes, civil and property matters, criminal defence, tax litigation before tribunals and the courts, and banking and recovery cases.

Every matter is led by a partner and prepared thoroughly, whether it settles or goes to trial.

It varies widely with the court, the complexity of the matter and whether either side appeals. Some cases resolve in months through settlement; others take years through the trial and appellate stages.

We give you a realistic assessment at the outset and look for the most efficient route — including negotiation or alternative dispute resolution where it serves your interests.

Do not ignore it, and avoid responding on your own in haste. A legal notice or summons usually carries a time limit, and a careless reply can weaken your position.

Send it to us promptly. We review the notice, explain your options and prepare a measured response that protects your rights.

Yes. The firm includes advocates qualified to appear before the High Courts and the Supreme Court of Pakistan, supported by senior counsel for the most consequential matters.

Yes. We act for both customers and institutions in banking disputes — including loan recovery suits, disputes over mark-up and charges, guarantees, and matters before the Banking Courts under the financial recovery laws.

Banking Courts are specialised courts that hear disputes between financial institutions and their customers, particularly recovery of finance under the Financial Institutions (Recovery of Finances) Ordinance.

If you are a borrower facing a recovery suit, or a business in dispute with a bank, we can represent you and advise on settlement or defence.

Yes. A frozen account or an inquiry from FBR, FIA or another authority needs a careful, prompt response. We assess the basis of the action, engage with the authority, and pursue the appropriate legal remedy to protect your funds and reputation.

We review and draft finance, loan, lease and mortgage documentation, advise on security and guarantees, and make sure the terms protect you before you sign.