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Statutory compliance is the legal structure within which a company must conduct itself. At PFOC our chartered accountants will take care of all your FBR (Federal Board of Revenue) compliance needs.
Preparing and filing with relevant government departments (whether it is GST, Corporation Tax, or Income Tax). SECP (Securities & Exchange Commission of Pakistan) is kept up to date with legalities and compliances relevant to your specific business.
The District Excise and Taxation Department is also covered under this head along with relevant Labour Department compliances. In short, PFOC handles all legal requirements, enforced by the Government of Pakistan.
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 fulfil 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 proprietorship 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 labour and taxation laws prevalent in Pakistan. These laws change, periodically, on the Provincial and National level. 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 ensure 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:
PFOC eliminates the need to search for an 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.
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