Frequently Asked Questions

Have a question? No problem – we get a lot of questions everyday. To help we thought we’d share and expand on some of the most common questions we’ve been asked

What Documents do I need to bring for Taxes?

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What makes you better than other accountants?

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Why switch from my current accountant?

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What is 0zero7?

0zero7 is an online information portal that provides affordable, speedy, precise and up-to-date information on tax and corporate issues in a safe, clean and professional environment to the general public. Services include:

◉ Tax commentaries on day to day changes in simple language
◉ Online queries from tax specialists
◉ Daily Tax News from various Newspapers and Periodicals through “News Flash”
◉ Tax Calculator
◉ Updated Tax Laws and Rules
◉ Updated Notifications, Circulars, General Orders etc.
International Tax Treaties
◉ Updated Tax Manuals

What type of Business registration is suitable for my business?

It’s very famous question! There are three types of business registrations.

Sole Proprietor, Partnership Business Firm and Private / Public limited companies. First decision depends on no. of partners, financial position of businesses, and last but not the least industry requirement.

What is the due date for submission of Annual Tax Returns?

Person                                                     Due dates

Individual & Association of Person On or before 30th September

Company                                                 On or before 31st December

Company having a special tax year On or before 30th September

Individual & Association of Person

Why we should registered in FBR?

Due to save our money from the tax burden, such as pay less taxes on Sale or purchases of any property and also save money on registration and transfer of vehicles etc.

What is the difference between tax evasion and tax avoidance?

The difference between tax evasion and tax avoidance largely boils down to two elements: lying and hiding.

“Tax avoidance is structuring your affairs so that you pay the least amount of tax due. Tax evasion is lying on your income tax form or any other form,”

Who can benefit from 0zero7?

Everyone that wants to expand their knowledge in taxation and corporate laws especially:
◉ People working in Accounts or Tax Department of any type of organizations.
◉ Businessmen
◉ Tax Consultants
◉ Students
◉ Other Stakeholders

I already have an accountant, why do I need a Tax Consultant as well?

Doing the work of tax is a job of tax expert having experience and knowledge. Accountants do not have update knowledge of laws and cannot complete the work on due dates. We are here to provide you the services of a Tax Consultant.

What is the benefit of tax filer in Pakistan?

◉ Lower rates of tax deduction at source by banks on both profits and cash withdrawals
◉ Reduction on withholding tax (tax already deducted from your income and gains) when registering and transferring motor vehicles
◉ Lower rate of tax on buying and selling of property
◉ Lower withholding tax rate on capital gains on sale of securities
◉ Charges for tax on dividend will be lower
◉ Lower rate of withholding tax on prize bond winnings
◉ Allows you to claim back overpaid tax that has been withheld

What about Qualification of Tax Consultants in Lahore, Pakistan ?

Tax Consultants in Lahore, Pakistan are qualified Chartered Accountants, Advocates, Management Accountants, ITPs, and other Accounts background professionals.

0zero7 - Tax Consultants

Contact Us

If you have any questions or queries a member of staff will always be happy to help. Feel free to contact us by telephone or email and we will be sure to get back to you asap.

admin@0zero7.com

+92-312-5511770

0zero7, Gulberg 3, Lahore, Pakistan 54660

M-F: 8am-6pm, S-S: Closed

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