Every tax term you will meet, explained in one line
The acronyms on your FBR notice, your bank form and your tender document, defined plainly and linked to the service that deals with them.
SECP
Securities and Exchange Commission of Pakistan
The SECP is the regulator that registers companies in Pakistan and receives their annual statutory filings.
SMC
Single Member Company
An SMC is a private limited company with one shareholder, giving a sole owner limited liability without needing a partner.
AOP
Association of Persons
An AOP is a partnership or joint venture treated as a single taxpayer, registered with the registrar of firms rather than the SECP.
Section 111
Section 111 of the Income Tax Ordinance allows the FBR to treat any asset, expenditure or bank credit whose source you cannot explain as taxable income.
Notice
A notice is a formal communication from the FBR requiring you to do something, and it always states the section it is issued under and the deadline for compliance.
Best judgement assessment
A best judgement assessment under section 121 is an assessment the officer makes on his own estimate of your income, because you did not file or did not comply with a notice.
Appeal
An appeal is the challenge you file against an assessment or penalty order, first before the Commissioner Appeals and then before the Appellate Tribunal Inland Revenue.
ATL
Active Taxpayers List
The ATL is the FBR's weekly published list of taxpayers who have filed their return on time, and being on it is what qualifies you for the lower withholding tax rates.
Filer
A filer is a person whose name appears on the Active Taxpayers List, meaning they filed their income tax return for the relevant year on time.
Non-filer
A non-filer is a person not on the Active Taxpayers List, who therefore pays substantially higher withholding tax on banking, vehicles, dividends and property.
Late filer
A late filer is someone who filed their return after the due date, and a separate middle rate of tax applies to them on property transactions.
IRIS
IRIS is the FBR's online portal where taxpayers register, file returns, receive notices and reply to them.
Withholding tax
Withholding tax is income tax deducted at source by the person paying you, such as an employer, a bank or a client, and deposited against your name.
CPR
Computerised Payment Receipt
A CPR is the receipt generated when tax is paid into the treasury through a bank, and it is the proof that a payment was made.
PSID
Payment Slip ID
A PSID is the challan generated on IRIS before paying tax, which you present at the bank or use for an online payment.
Wealth statement
A wealth statement is the schedule of your assets and liabilities filed alongside your income tax return, showing what you own at the year end.
Section 182A
Section 182A is the provision under which a late filer must pay a surcharge before their name is restored to the Active Taxpayers List.
Section 236K
Section 236K is the advance income tax collected from the buyer when a property transfer is registered in Pakistan.
Section 236C
Section 236C is the advance income tax collected from the seller at the time a property transfer is registered.
Tax year
The Pakistani tax year runs from 1 July to 30 June, and it is named after the calendar year in which it ends.
NTN
National Tax Number
An NTN is the registration number the FBR issues to a taxpayer, and for an individual in Pakistan it is simply their CNIC number.
ITP
Income Tax Practitioner
An Income Tax Practitioner is a person registered with the FBR who is legally entitled to represent taxpayers in proceedings before it.
STRN
Sales Tax Registration Number
An STRN is the number issued when a business registers for sales tax with the FBR, and it is required before you can issue a sales tax invoice.
Input tax
Input tax is the sales tax you paid on your purchases, which you set off against the sales tax you collected on your sales.
Output tax
Output tax is the sales tax you charge and collect from your customers on the goods or services you supply.
BRA
Balochistan Revenue Authority
The BRA is the provincial authority that administers sales tax on services rendered in Balochistan.
PRA
Punjab Revenue Authority
The PRA administers sales tax on services rendered in Punjab, along with certain other provincial levies.
SRB
Sindh Revenue Board
The SRB administers sales tax on services rendered in Sindh and was the first provincial services tax authority in Pakistan.
KPRA
Khyber Pakhtunkhwa Revenue Authority
The KPRA administers sales tax on services rendered in Khyber Pakhtunkhwa.
Blacklisting
Blacklisting is the suspension of a sales tax registration by the FBR, which invalidates input tax claims made against that supplier's invoices.
PSW
Pakistan Single Window
PSW is the national trade platform through which importers and exporters file customs declarations and connect with banks and regulators.
WeBOC
Web Based One Customs
WeBOC is the customs clearance system used in Pakistan, now largely superseded by the Pakistan Single Window for trader-facing functions.
EPADS
Electronic Pakistan Acquisition and Disposal System
EPADS is the PPRA's electronic procurement portal where federal and many provincial tenders are advertised and bids are submitted.
PPRA
Public Procurement Regulatory Authority
The PPRA makes and enforces the rules governing how public sector organisations in Pakistan buy goods and services.