What is NTN or National Tax Number?
The NTN is the abbreviation of National Tax Number which is an exclusive number, used by the Pakistani Government as a means of tracking its citizens, permanent residents, and temporary residents for employment, tax, government benefits, health-care, and other Government-related services. NTN (National Tax Number) is a distinctive identity number issued by the Federal Board of Revenue (FBR) – a Pakistani tax authority, to verify business registration. NTN (Income Tax Registration) is required to perform any taxable activity either commercial or income-generating trading.
Why NTN (National Tax Number) is required?
NTN is required for income-earning individuals, entrepreneurs, business firms, companies, and NGOs / NPOs. NTN is required to file an income tax return, and if you are not an active income tax filer, you attract a higher / higher withholding tax rate for cash withdrawals from banks, transfer transactions, car purchases, and property sale/purchase transactions.
Who should have an NTN (National Tax Number)?
Whether you are a salary-paid individual or a businessman, you require to obtain your NTN – National Tax Number. Your NTN enables you to pay your taxes based on your annual income, and other taxes. However, most people do not even know their NTNs even though they pay the right taxes every year. NTN is also important when you require to file many important government documents, opening bank accounts, applying for a new electricity or gas line connection.
Benefits of having NTN (National Tax Number)
After NTN registration, you can easily become a taxpayer by filing an annual income tax return, and do not have to worry about additional withholding tax burden/penalties, during any financial transactions such as bank withdrawals, monthly or annual profits on savings accounts, prize bond winning, vehicle or immovable properties purchases & registrations, dividends, and any other cash benefits from stocks, or another type of investment.
NTN (National Tax Number) For Companies
The Income Tax Ordinance 2001 says that each public and private company should have its NTN registered in Pakistan to file monthly and quarterly income tax statements and yearly income tax returns for the conduct of business in Pakistan. Since the introduction of the Income Tax Ordinance in the year 2001, NTN has been given a permanent tax number and there is no need to renew the number from time to time. This step has provided another easy way for people to register NTN in Pakistan.
Documents Required for Registration of NTN for Companies in Pakistan:
- A valid CNIC copy of all Directors/Shareholders/Subscribers
- A copy of the company’s recently paid Electricity Bill
- Deeds or Lease Agreement (Lease Agreement printed on stamp paper)
- National Tax Number for all Directors/ Share-holders/Subscribers of the Company
- Certified copies of Articles & Memorandum of the Company
- Certified Copy of the Incorporation Certificate
- Certified copies of Incorporation Form II
- Bank Account Maintenance Certificate
- Contact Numbers (Phone & Line) and a valid email address
- A letter of authority issued by all directors of the company to authorize one director as company representative for the NTN registration before the FBR authorities Type of business
Documents Required for NTN Registration for a Business in Pakistan:
- Certified copy of CNIC
- A copy of the most recently paid electricity bill of your office, factory, workshop or any place of business
- Application to Business Letter Head for issuance of NTN
- Deeds or Lease Agreement (Lease Agreement printed on a stamp paper)
- Contact Numbers (Mobile), with a valid email address
- Type of business
Documents Required for Registration of Firm’s NTN in Pakistan:
- Official CNIC copy of all Business Partners
- A copy of the paid electricity bill of the place of business, which should not be older than 3 months.
- Property Documents or Lease Agreement (Employment Agreement printed on stamp paper)
- National Tax Number for all Business Partners
- Application for NTN release on Head Office
- Copy of Partnership Deed (Certified)
- Copy of Partnership Registration Certificate (Form C)
- Contact Numbers (Mobile) with a valid email address
- The ratio of profit and loss sharing between partners
- Type of business
Documents Required for Registration of NTN for Salary-paid persons in Pakistan:
- Certified copy of CNIC
- A copy of the newly paid household electricity bill
- The latest salary slip or letter from the Employer
- Contact Number (Mobile), with a valid email address
- Your employer’s National Tax Number (NTN), and your complete office address
We help in NTN (National Tax Number) Registration.
NTN registration is required to do any taxable activity or any business transaction or salary transaction over Rs. 50,000. We understand that obtaining NTN registration in Pakistan can be a puzzling and difficult process for you. Therefore, we offer you our professional NTN registration services to make the process easier and easier. At Taxocrate, our legal advisers have many years of experience in dealing with various types of businesses in various industries. We perform legal procedures and documents such as NTN registration; no problems for individuals and business owners. Our legal experts will not only guide you from the NTN registration process to filing sales tax returns and tax returns but will also do all the legal work for you so you can focus on your business peacefully.
Our professional lawyers and legal advisors are just a phone call away from you. Call us now to discuss your NTN registration and income tax filing.