What is NTN (National Tax Number) and why we need a NTN number?
Obtaining a National Tax Id Number (NTN) from the Federal Board of Revenue is required to engage in tax-related transactions. It is possible to get a National Tax Number (NTN) for federal income tax, sales tax and excise tax reasons. A tax filer also has some benefits, such as paying a lower tax. and get many services non-filers, on the other hand, must pay a higher tax rate on financial transactions, property transactions, and car registrations. So, to be on the safe side, becoming a tax filer is a smart idea so that you don’t have to pay additional tax on numerous items. To run the country’s system, taxes are levied on the general people. The revenue collected from the general public is returned to the general public in the form of facilities and services. To receive tax from the general public, an NTN number is assigned. If you have an NTN number and file your taxes on a yearly basis, you are considered a filer and are mentioned in ATL (Active Taxpayer List). Many taxes are reduced to a amount of 40% if you become a filer. You won’t be receiving projects if you don’t have an NTN number, and you can’t be trusted if you don’t have one. As a non-filer, you are subject to double taxes.
2.Benefits to become a filer?
Banks deduct less tax at the source on both earnings and cash withdrawals Taxes on profits will be reduced. When you become a filer, people trust you more.
3.How to get a NTN number or to become a filer?
➢ There Are Three Types Of NTN
➢ Individual NTN (Sole Proprietor)
➢ AOP NTN (Associations of Person)
➢ Company NTN
To Become a filer simply contact us on the given number or fill up the given form in the NTN registration.
4.Which NTN is best for me?
You’ll need an individual NTN if you own a small business or work elsewhere.If two or more people are doing business together, they should form a firm/company and obtain an NTN.