Statutory Compliance

As a business owner, you and your business are required by law to adhere to certain statutes. These statutes are regulated by the FBR (Federal Board of Revenue) and the SECP (Securities & Exchange Commission of Pakistan). To run a completely compliant business, you need to fulfill all statutory requirements that the government has enforced so that you can run a hassle-free operation.

Statutory Compliance is easy when you have PFOC looking after your business’s accounts and filing returns to the FBR. Our decades-long experience in dealing with limited companies, partnerships, and sole proprietorships from all walks of life, enables us to not only understand your business’s unique scenario but also to advise on the best way to remain compliant.

Statutory compliance relates to the various labor and taxation laws prevalent in Pakistan. These laws change, periodically, on the Provincial and National levels. It is mandatory for companies to obey them. Non-compliance with these regulations can land a company into legal trouble such as penalties, fines, or worse. Therefore, companies spend a good deal of resources ensuring statutory compliance.

Statutory compliance ensures that an organization avoids penalties, disqualifications, confiscation of licenses, fines, lawsuits, etc. In other words, complying with prerequisite regulations and norms ensures that the business does not face any legal implications.

When a company is successfully complying with requisite regulations, it saves a lot of time, effort, and resources that can be employed in sectors that are more indigenous to its cause and existence i.e., growth and profitability.

A company that is adept in statutory compliance is a symbol of stability and top-notch work ethics. Anyone who is related to the company is aware of the authenticity of the company’s practices along with its image and public perception.

Statutory compliance automatically boosts employee morale. Compliance with regulations will ensure that the company performs at maximum efficiency and with good intent. This will boost goodwill. When a company has a good reputation, the employees of the company automatically have higher morale and tend to stick around longer.

Statutory Compliance is a blanket term that describes a business’s requirements to file:
• Annual Accounts
• Tax Returns
• Sales Tax Returns
• Company Incorporation
• Corporation Tax Returns
• Withholding Income Taxes Submission
• Labor Department compliance
• Goods and Services Tax
• All Other Legalities

PFOC eliminates the need to search for all-encompassing accountancy and finance firm. Our corporate headquarters in Johar Town, Lahore provide practical and efficient solutions to all your accounting and financial needs.

The skilled tax and finance professionals at PFOC, work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.

An investment is an asset that is created with the intention of allowing money to grow. The wealth created can be used for a variety of objectives such as meeting shortages in income, saving up for retirement, or fulfilling certain specific obligations such as repayment of loans, payment of tuition fees, or purchase of other assets.
Understanding investments will allow you to make the right choices for the future. Investments generate income in two ways. Firstly, if you invest in a saleable asset, you earn income by way of profits.
Secondly, if Investment is made in a return-generating plan, then you will earn an income via the accumulation of gains over time. Thus, investments are putting your savings into assets or objects that become worth more than their initial worth with time for example stocks, bonds, fixed deposits, and direct equity. Investments can be categorized as:

• Growth Investments
These are more suitable for long-term investors that are willing and able to withstand market ups and downs.

• Defensive investments
These are more focused on consistently generating income, rather than growth, and are considered lower risk than growth investments.