Muneeb Zafar & Company

Muneeb Zafar & Company MUZAC's financial consultants provide a well informed and full spectrum advice for all financial matters

17/08/2026

📢 WE ARE HIRING – ACCOUNTANT

We are looking for a qualified and experienced Accountant to join our team.

Requirements:

🎓 Minimum 3 years of relevant experience
📊 Strong knowledge of Contract Accounting
🗣️ Excellent English communication skills
💻 Proficient in accounting and financial reporting
✅ Strong attention to detail and analytical skills

💰 Salary Package: Rs. 60,000/- per month

📩 Interested candidates are encouraged to apply.

Please send your CV via inbox or contact us for further details.

17/08/2026

FCC Verdict Summary: Adjustability of Tax Credit
u/s 168 Against Section 4C Super Tax.

​Core Issue:
The Federal Constitutional Court (FCC) specifically adjudicated whether tax collected/ deducted at source or paid in advance under Chapter X (giving rise to tax credits under Section 168) is adjustable against Super Tax liability determined under Section 4C of the Income Tax Ordinance, 2001.

​Interpretation of Section 4C(3): Section 4C(3) specifies that tax shall be paid, collected, and deposited per Section 137(1), and explicitly provides that "all provisions of Chapter X of the Ordinance shall apply."

​Rejection of FBR’s Stand:
The Court rejected the Federal Board of Revenue's (FBR) stance that Section 4C is an unadjusted standalone levy without credit set-offs. The FCC held that excluding Section 168 adjustments would render the statutory incorporation of Chapter X redundant, as Section 137(1) already handles procedural payment mechanics.

​Final Ruling:
The FCC ruled in favor of the taxpayer, holding that advance tax and withholding tax credits under Section 168 are legally adjustable against the tax liability computed under Section 4C.

For Captial Gain : Holding Period Starts From Death in Case of Inheritance - 2022 PTD 1510
16/08/2026

For Captial Gain : Holding Period Starts From Death in Case of Inheritance - 2022 PTD 1510

15/08/2026
TAX CONSULTANTS ARE NOT REDUNDANT — FBR MUST CLARIFYThe reported statement by the Chairman FBR that tax consultants have...
13/08/2026

TAX CONSULTANTS ARE NOT REDUNDANT — FBR MUST CLARIFY

The reported statement by the Chairman FBR that tax consultants have become “redundant” because of digitalisation is not only disappointing—it reflects a serious misunderstanding of the modern taxation system.

Let us be absolutely clear:

DIGITALISATION DOES NOT REPLACE PROFESSIONAL EXPERTISE.

A tax portal can accept a return.
A computer can process data.
An algorithm can identify discrepancies.

But who interprets the law?
Who advises a taxpayer on the correct legal position?
Who handles complex assessments, audits, appeals and notices?
Who represents taxpayers before tax authorities and appellate forums?
Who resolves disputes arising from conflicting interpretations of tax law?

Technology cannot replace professional judgment, legal interpretation and accountability.

Pakistan’s tax laws are becoming more complicated, not simpler. The introduction of digital invoicing, data analytics, automated notices, point-of-sale integration and other digital mechanisms has actually created a greater need for competent tax professionals who can protect taxpayers from errors, misinterpretation and unlawful demands.

If the FBR believes that digitalisation has eliminated the need for tax consultants, then it should explain how a taxpayer is expected to independently interpret thousands of pages of constantly changing tax legislation, rules, notifications, circulars and case law.

Tax consultants are not merely “return filers.”
They are professionals who provide tax advice, compliance management, representation, litigation support, tax planning, audit defence and interpretation of law.

The answer to professional expertise is not digitalisation. The answer is better digitalisation working WITH professional expertise.

The FBR should focus on improving the tax system, broadening the tax base, reducing harassment, simplifying procedures and building taxpayer confidence—not undermining the professionals who stand between taxpayers and an increasingly complicated tax regime.

RESPECT THE TAX PROFESSION.

RESPECT PROFESSIONAL INSTITUTIONS.

DIGITALISE — BUT DO NOT DISMISS.

The tax community deserves a clear clarification and responsible explanation regarding the reported statement.











FBR Hints at withdrawing supertax
12/08/2026

FBR Hints at withdrawing supertax

ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday hinted at further tax relief for businesses, including...

We are back in business
09/08/2026

We are back in business

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