Asif Farid & Company LLP

Asif Farid & Company LLP Income & Sales Tax Returns, Company Registrations, Audit & Accounts, Training & HRM Consultancy. At AFCO, relationships matter as much as technical expertise.

Since 2001, Asif Farid & Company LLP (AFCO) has been helping businesses, entrepreneurs, and individuals across Pakistan make better business decisions through trusted Tax, Corporate, Legal, and Financial Advisory services. What started as a tax consultancy has grown into a multidisciplinary professional services firm, supporting clients with everything from tax planning and litigation to company r

egistration, SECP compliance, accounting, financial reporting, and corporate legal advisory. Today, businesses rely on AFCO not only to stay compliant but also to make informed decisions that support long-term growth. Over the years, we have earned the trust of 5,000+ clients, successfully handled 1,000+ professional engagements, and delivered 350+ professional trainings for businesses, professionals, chambers of commerce, government organizations, and industry associations across Pakistan. These experiences have allowed us to work with organizations of every size, from startups and SMEs to multinational companies and public sector institutions. Our team combines legal, taxation, corporate, and financial expertise to provide practical advice that reflects today's business realities. We believe professional services should be clear, responsive, and focused on results, not unnecessary complexity. That's why many of our clients have trusted us for years to manage their tax, corporate, legal, and compliance matters with professionalism, integrity, and consistency. For more than two decades, we've built our reputation on trust, expertise, and lasting client relationships, and we remain committed to delivering the same standard of excellence for years to come.

A nation is built not only by its history, but by the people who carry its values forward.On 14th August 2026, we celebr...
13/08/2026

A nation is built not only by its history, but by the people who carry its values forward.

On 14th August 2026, we celebrate Pakistan’s Independence Day and remember the vision, courage, and sacrifices that made our freedom possible.

May we honour that legacy by building a Pakistan defined by integrity, opportunity, justice, and progress. A stronger Pakistan begins with the responsibility each of us takes towards its future.

Happy Independence Day, Pakistan.

Paying for an asset in cash? The amount you pay can have tax consequences.Under Section 75A of the Income Tax Ordinance,...
12/08/2026

Paying for an asset in cash? The amount you pay can have tax consequences.

Under Section 75A of the Income Tax Ordinance, 2001, cash purchase limits apply to certain assets:

Immovable property: Cash payments up to Rs. 5 million
Other assets: Cash payments up to Rs. 1 million

For amounts above these limits, payment should be made through a banking channel or digital payment method. Using cash beyond the prescribed limits can affect the tax treatment of the asset, including depreciation and recognition of its cost for tax purposes.

One important point: these rules relate to tax compliance and do not, by themselves, affect ownership of the asset.

Understanding cash transaction limits before making a major purchase can help you avoid unnecessary tax complications.

Missing a document can delay your tax filing, but preparing the right records in advance makes the process much smoother...
11/08/2026

Missing a document can delay your tax filing, but preparing the right records in advance makes the process much smoother.

For your FBR income tax return, keep your CNIC and NTN, salary certificate or income records, bank statements, property and vehicle details, investment records, tax deduction certificates, business or freelance records, loan statements, and annual expense information where applicable. Please note that this is a general list and documents may vary on case to case basis. A complete and accurate return helps you meet your tax compliance requirements, avoid unnecessary issues, and keep your financial records in order. File your income tax return on time and make sure your supporting information is ready before you begin.

FBR systems are currently undergoing scheduled maintenance.FBR’s planned system maintenance is now underway and the foll...
08/08/2026

FBR systems are currently undergoing scheduled maintenance.

FBR’s planned system maintenance is now underway and the following services are temporarily unavailable:

• IRIS
• Digital Invoicing (DI)
• Payment System
• SWAPS
• POS Registration

The maintenance window runs from 12:30 AM PKT on August 8, 2026, until 5:00 AM PKT on August 10, 2026.

If you are trying to access FBR IRIS, make a tax payment, submit a filing, complete digital invoicing, manage withholding transactions, or access POS registration, the services may remain unavailable until the maintenance is completed.

FBR has stated that the affected services are expected to resume immediately upon successful completion of the maintenance activity.

For taxpayers and businesses with pending compliance matters, the key point is simple: plan around the maintenance window and keep your tax-related deadlines in view.

If you earn from YouTube, TikTok, Instagram or Facebook in Pakistan, your tax treatment may have changed significantly.F...
07/08/2026

If you earn from YouTube, TikTok, Instagram or Facebook in Pakistan, your tax treatment may have changed significantly.

Finance Act, 2026 introduces Section 154B, under which banks are required to deduct 5% withholding tax on social media earnings received from abroad. For resident content creators, this 5% is a minimum tax rather than a final tax, meaning the final liability is calculated under the normal tax regime, with allowable business expenses and the tax already deducted taken into account.

The shift from the previous 1% final tax regime under Section 154A could substantially increase the tax burden for creators with higher incomes.

For anyone earning through digital platforms, understanding the new rules is now essential for accurate tax planning, expense documentation and compliance.

FBR can now audit your business without ever meeting you.Pakistan's tax landscape is changing. Under the Finance Act 202...
05/08/2026

FBR can now audit your business without ever meeting you.

Pakistan's tax landscape is changing. Under the Finance Act 2026, the Federal Board of Revenue has introduced the legal framework for faceless audits, marking a significant shift toward digital tax administration.

Instead of relying on physical appearances and manual processes, eligible audits can now be conducted electronically through digital notices, online submissions, and virtual proceedings. The objective is to improve transparency, reduce administrative delays, promote consistency, and streamline the audit process for taxpayers.

For businesses, this means compliance is no longer just about maintaining records. It is about keeping accurate digital documentation, responding to notices on time, and ensuring your tax position can withstand electronic scrutiny.

Whether you are a company, SME, retailer, manufacturer, service provider, or tax consultant, understanding this amendment is essential. Businesses that prepare today will be better positioned to manage audits efficiently and reduce unnecessary compliance risks.

FBR has rolled out important updates to the IRIS Income Tax Return system, making tax filing more practical and efficien...
02/08/2026

FBR has rolled out important updates to the IRIS Income Tax Return system, making tax filing more practical and efficient for many taxpayers, particularly non-residents and business owners.

The latest improvements include the removal of property-related filing errors, the option for eligible non-residents to file without a wealth statement, a dedicated property declaration section for overseas Pakistanis, IBAN support for foreign currency accounts, and enhanced business capital reporting for AOPs and companies.

These changes are designed to simplify compliance, reduce filing challenges, and improve the overall tax return experience. Understanding how these updates apply to your situation can help you avoid unnecessary complications and ensure your return is filed correctly.

The tax treatment of Ex-PATA property transactions has changed with immediate effect under the Finance Act, 2026.The wit...
01/08/2026

The tax treatment of Ex-PATA property transactions has changed with immediate effect under the Finance Act, 2026.

The withdrawal of Ex-PATA tax exemptions means withholding tax now applies to the purchase and sale of immovable property in these areas. Buyers, sellers, withholding agents, and service delivery centres must apply the prescribed tax rates, deposit the tax with the Government, and file the required CPRs in accordance with the updated legal framework.

Understanding these changes is essential to avoid processing delays, incorrect tax deductions, and unnecessary compliance issues during property transactions.

If you're facing technical issues while submitting your Tax Year 2026 return, the Federal Board of Revenue has assigned ...
30/07/2026

If you're facing technical issues while submitting your Tax Year 2026 return, the Federal Board of Revenue has assigned a dedicated technical support team to assist taxpayers throughout the filing process.

Whether you're experiencing IRIS login issues, return submission errors, OTP problems, attachment upload failures, or system validation errors, you can email your concern to [email protected]. According to FBR, queries submitted to this email will be responded to within 24 hours.

Knowing where to seek technical assistance can save valuable time and help you complete your tax filing without unnecessary delays.

FBR has announced a planned system maintenance window that will temporarily suspend access to key digital tax services. ...
25/07/2026

FBR has announced a planned system maintenance window that will temporarily suspend access to key digital tax services. If you have pending tax filings, payments, or registrations, now is the time to plan ahead.

From 12:30 a.m. on Saturday, 8 August 2026 to 5:00 a.m. on Monday, 10 August 2026, IRIS, Digital Invoicing (DI), the Payment System, SWAPS, and POS Registration will remain unavailable while FBR carries out scheduled maintenance.

For taxpayers, businesses, retailers, and withholding agents, this means tax returns, tax payments, registrations, and other online compliance activities cannot be completed during the maintenance window. Completing time-sensitive transactions in advance can help avoid unnecessary delays and ensure uninterrupted tax compliance.

Staying informed about FBR announcements is just as important as meeting your filing deadlines. Proper planning keeps your compliance on track when critical systems go offline.

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Address

Office No. 10, 2nd Floor, Awan Plaza, G/8 Markaz
Islamabad
44000

Opening Hours

Monday 09:00 - 18:00
Tuesday 09:00 - 18:00
Wednesday 09:00 - 18:00
Thursday 09:00 - 18:00
Friday 09:00 - 18:00
Saturday 09:00 - 18:00

Telephone

+92516124100

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