File your Tax Returns for 2019

افراد، تنخواہ دار افراد اور ایسوسی ایشن آف پرسنز کے سال 2019 کے ٹیکس گوشوارے جاری کر دیئے گئے ہیں #FBR

File your #IncomeTaxReturn2019 & become a #filer.

Contact us at #MLCC for a seamless, professional & exceptional experience where experienced & top professionals including FCCAs, CFAs, FCMAs, CPFAs, CAs & Advocates will ensure that you all your matters are taken care of with highest standards of excellence.

For more details:

https://www.mlcc.pk/contact.html

ACCA Budget Proposals 2018-19

Dear ACCA Members and the entire Professional Accounting and Finance fraternity,
Peace be on you all (Assalam O Alikum),

This somehow, seemed to have been missed by my team.

Anyhow for records purposes, it’s with great pleasure that I, as Chairman ACCA Taxation Committee, share ACCA’s Budget proposals. We started with twelve global taxation tenets of ACCA and in addition to other core recommendations, covered the game-changing recent technologies and CPEC, which has not been done by any other organization so far. This will be our USP. Similarly some of our proposals for structural reforms and for amendments in tax laws are also unique.

As for sectoral proposals, some key sectors are covered. For others, you have viewed the proposals by our team which were mostly standard and covered within the Income Tax and Sales Tax sections.

These are been widely shared with key stakeholders and some of our proposals have been adopted by the Government and more are expected to be in the budget. I hope you’ll find this informative and share in your circles with pride in ACCA brand. We look forward to receiving your kind feed-back and will share about the the pre-budget sessions with your good-self too.

ACCA’s Budget Proposals’ Link

Kind Regards,

Omer

Millennium Law and Corporate Company (MLCC) – The Pioneer ACCA Practising & Legal Firm in Pak

Millennium Law and Corporate Company (MLCC) – The Pioneer ACCA Practising & Legal Firm in Pak

Dear Readers,  Peace be on you all,

It is a pleasure to introduce Millennium Law and Corporate Company (MLCC), the Pioneer ACCA practicing & legal firm in Pakistan to your good-selves. Please read this post for the introduction.

  1. Company Name: Millennium Law and Corporate Company (MLCC)
  2. Web: http://www.mlcc.pk
  3. Contacts: 042-37242434  / 0322-4219292
  4. Emails: ozmeer@mlcc.pk
  5. Address: Bashir Mansion, 2 Turner Road, Masjid AG Office , Lahore, Pakistan

IMG_8148

Click here for: Key Associations & Profile Published by ACCA

 

Profile of Millennium Law & Corporate Company

  • 30 + Years’ “Young”

Millennium Law & Corporate Company (MLCC) has a background of thirty (30) years plus history of professional excellence stemming from its parent practice. It used to be focused solely on legal practice including corporate matters.

  • Way Forward – One stop solution

MLCC was expanded to include a new division for providing further corporate services too. This led to the expansion of the services to include areas such as taxation, accountancy, finance, corporate (SECP) services, internal audit, statutory audit, assurance, advisory, risk management, BPO and professional trainings in addition to legal matters within the services offered by MLCC.

All areas are handled by specialized teams of qualified Chartered Certified Accountants, Chartered Accountants, Chartered Financial Analysts, Chartered Public Finance Accountants and/or Senior Advocates delivering excellence.

  • Partners

The firm operates with specialized teams dealing with relevant areas under four (4) partners, two of whom are qualified and experienced Chartered Certified Accountants members while one is an ex legal advisor Federal Land Commission (Government of Pakistan) and another is an ex deputy Attorney General of Pakistan.

  • Pioneer ACCA Practising Firm in Pakistan

In 2015, the Association of Chartered Certified Accountants (ACCA) took a giant leap in Pakistan and initiated practising license program for the country.

  • MLCC became the pioneer Legal & Accountancy practising firm in Pakistan with
  • Mr. Omer Zaheer Meer FCCA Managing Partner, (Corporate Services & Taxation) at MLCC being awarded the first ever ACCA practising license in Pakistan.

Before that history was made when:

  • Omer Zaheer Meer FCCA became the first ever ACCA member to get admitted to the prestigious Lahore Tax Bar Association (LTBA).
  • He was later joined by Mr. Ali Zaheer Meer ACCA who is now a partner at MLCC and another ACCA member at LTBA.

Millennium Law & Corporate Company has built a reputation for quality services based on value creation and issue resolutions with time-specified deliverables. Integrity, transparency and  confidentiality are the hallmarks of the services delivered.  It is now the premier ACCA practising firm in the country and one of the leaders in the taxation, advisory and corporate services sectors.

  • Distinguished Collaborations

MLCC through its partners is currently representing Pakistan at the Global Tax Forum (UK), Chairing the Taxation Clinic at LCCI, Chairing the MNP (equivalent of local council) of ACCA in Pak, Chairing the Liaisons and sitting on the publication committees of LTBA, Chairing the Taxation Committee of ACCA and several think-tanks including Hamdard Thinkers’ Forum and Millat Thinkers’ Forum. Furthermore, has also been represented at the Taxation Committee of Lahore Chamber of Commerce and Industry besides been associated with several professional bodies and institutions such as:

  • CFAI (Chartered Financial Analyst Institute) – USA
  • UKSIP (UK Society of Investment Professionals) – UK
  • ACCA (Association of Chartered Certified Accountants) – UK
  • CIPFA (The Chartered Institute of Public Finance & Accountancy) – UK
  • PRMIA (Professional Risk Managers’ International Association) – USA
  • PRIMA (Public Risk Management Association) – USA
  • LTBA (Lahore Tax Bar Association) – (Pak)
  • LCCI (Lahore Chamber of Commerce & Industry) – (Pak)
  • MPDD {Management and Professional Development Department} – (Pak)
  • Hamdard Thinkers’ Forum – (Pak)
  • Millat Thinkers’ Forum – (Pak)

MLCC’s clientele also includes some of the most distinguished names including several parliamentarians, corporations, public sector entities as well as the SME sector. Out key clients and/or associations along-with the report on MLCC published by the largest global accountancy body ACCA can be found at the link below:

Why was MLCC started?

Managing Partner’s Views:

It is my strong and educated belief that the professional qualification and a proper rigorous training program equips one with the relevant skills, education and expertise to be the best not just technically but on the value addition side of being an entrepreneur.

With an early start to my career resulting in sufficient experience, On my return to Pakistan from UK, I felt it was the right time to launch an ACCA practising firm. Also it was an opportunity to contribute back to the profession and professional fraternity in several ways.

However ACCA did not have a local practising license back then. Nevertheless we upheld the brand ACCA and pioneered in an area deemed alien for ACCA members at the time, i.e. local taxation. We were lucky to have an existing track record of several decades of a quality legal firm. This was expanded into the pioneer quality Accountancy and Legal firm in Pakistan.

Within a short span of time we stood out from the crowd delivering excellence and quality beyond norms of the market. We then started expanding into other areas such as corporate services, advisory, audit, advisory, assurance, risk management, e.t.c. with equally good results.

The milestones so far

Since becoming the pioneer Accountancy and Legal practising firm in Pakistan, some of the major milestones achieved by MLCC are outlined below:

  • Establishment of our non-legal services headquarter at the prime location of Bashir Mansion, 2 Turner Road, Lahore which is opposite FBR, close to Appellate Tribunal, behind Lahore High Court, adjacent AG Office and practically in the hub of all the action.
  • Joining of Mr. Ali Zaheer Meer as the second ACCA partner of the Firm
  • Expansion intro value addition areas beyond taxation including internal audit, advisory, risk management, corporate services, e.t.c.
  • Award of the practising license and hence becoming the pioneer ACCA & Legal practising firm in Pakistan
  • Start of our training division
  • Establishment of a branch offices for facilitation of our clientele.
  • Partnership with ACCA Pakistan for the CPD trainings of ACCA fraternity and beyond
  • Attendance of our CPD programs and training events by high-profile professionals including owners, directors and even non-ACCA partners of other renowned firms
  • Publication and launch of a research study on indirect taxation across the MESA (Middle-East and South-Asia region) in collaboration with ACCA and EY
  • Working with top names in various sectors including the likes of National Bank of Pakistan, Habib Bank Limited, MPDD, ACCA, LCCI, KCCI, LTBA, HBL, e.t.c.
  • Launch of our ACCA trainees induction program

Advantages and benefits of dealing with MLCC

We offer several benefits for the business community, professional fraternity and the society at large. Some of the major ones include:

  • Global exposure with strong Local ties and connections
  • Well qualified and experienced teams
  • Quality services
  • Excellence focused
  • Results oriented
  • Timely and efficient deliverance
  • Opening up of new possibilities
  • Increased efficiency
  • Collaborations
  • Peace of mind

Advocacy & Professional Training Session at AzkoNobel

  • Represented ACCA
  • Shared technical expertise, knowledge & experience
  • Delivered Professsional Insights session
  • Interactive Q&A
  • 100% positive & 5 star feedback

Advocacy & Professional Session on EI at PEL

  • Represented ACCA
  • Shared technical expertise, knowledge & experience
  • Delivered Professsional Insights session
  • Interactive Q&A
  • 100% positive & 5 star feedback

 

Who Needs to file Income Tax Return?

Image result for become filer pak

You need to file your annual Income Tax Return in Pakistan if you fall within the ambit of any of the following:

  1.   Registered Taxpayers (NTN holders)
  2.   Those charged tax in tax years 2015, 2016
  3.   Welfare Institutions or NPOs (defined in ITO 2001)
  4.   Annual (non-business) income of PKR 400,000 or more
  5.   Annual business income of PKR 300,000 or more
  6.   All companies with financial (accounts) closure of before 31st December 2016
  7.   Owners of 250 sq yards  or more land or flat of any size within    Cantt/Municipal/ICT jurisdiction
  8.   Owners of 500 sq yards  or more land (outside Cantt/Municipal/ICT jurisdiction)
  9.   Flat Owners of 2000 sq ft or more covered area
  10.   Owners of vehicles over 1000cc
  11.   Anyone sent notice(s) to file return

Here are some of the major financial benefits of filing your Income Tax Return

Want to file your Income Tax Return?

Contact us now for:

Best quality services by top professionals including:

qualified lawyers,

chartered and chartered certified accountants,

chartered financial analysts and

tax experts

Millennium Law & Corporate Company (MLCC)

(the pioneer ACCA practising firm in Pakistan)

Bashir Mansion, 2 Turner Road, Adjacent AG Office, Lahore

Call: 042-37242434 / 0322-4219292 (prefer text),  Email: ozmeer@mlcc.pk

7 Financial Benefits of becoming a FILER

Image result for 7 Financial Benefits of becoming a FILER in Pak

Below are the seven (7) major financial benefits of becoming a Filer in Pakistan:

  1.  Lower rates of advance income tax deducted at source by banks (on interest/profits) and on banking transactions
  2. Savings on withholding tax deducted when registering and transferring motor-vehicles
  3. Lower rate of tax on sale/purchase of property transactions
  4. Rebates/reduction in tax on payment for goods, services and contracts
  5. Lower tax on dividend
  6. Reduced withholding tax on capital gains accrued on sale of securities
  7. Reduced rate of withholding tax on prize bond winnings and decreased rate of collection under commission and brokerage.

Convinced?

Contact us now for:

Best quality services by top professional team of qualified lawyers, chartered and chartered certified accountants, chartered financial analysts and tax experts:

Millennium Law & Corporate Company (MLCC), 

(the pioneer ACCA practising firm in Pakistan)

Bashir Mansion, 2 Turner Road, Adjacent AG Office, Lahore

Call: 042-37242434 / 0322-4219292 (prefer text),  Email: ozmeer@mlcc.pk