Project - Company M/S Uwaym Tyre Manufacturing (Pvt) Limited is a company incorporated on 01-01-2020 under the Companies Act, 2017. At the time registration, NTN number was also allotted to the Company, however Company ignored tax compliances. Now towards the end of 2021, CEO of the Company has directed CFO to hire an internal tax expert and ensure tax compliances are duly undertaken. And to gain further insight on compliance requirements and structure of Pakistan's income taxes applicable on companies, asked the CFO to approach you. In this connection following initial information is provided to you: 1. Company is engaged in manufacturing of tyres locally with production started from April 01", 2021. 2. Heavy machinery is imported for manufacturing facility. Accounting useful life of those machineries are expected to be 10 years and that too on straight line basis. All of its other vendors are local corporates. 3. Accounting year is January to December, the Company intends to follow the same period as their tax year. This is to avoid complications of having different accounting and tax year. 4. The Company simultaneously maintains a good portfolio of listed company shares to earn reasonable capital gain and dividends. 5. All cash of the Company is in Savings account and good profit on debt is earned thereon. 6. Management of the Company is especially apprehensive about any penalty and default surcharges due to ignoring tax compliances till now. 7. The Company has also rented out a portion of its owned premises for first two years as operations are limited being a new setup. Such portion is rented out along with plant and machinery. Further, amenities are also charged from tenant with certain profit %. 8. All its customers are registered taxpayers, and the company is bearing cash flow issues due to WHT by its customers. 9. Donation budget is 2% of annual profits and from now on it would be paid to only those NPOs that are allowed for tax credits. Requirement: Please prepare a detailed report on income tax compliances, computations, administration etc. that may apply to the Company. Feel free to make any assumptions that you need for presenting a clearer picture. Project - Company M/S Uwaym Tyre Manufacturing (Pvt) Limited is a company incorporated on 01-01-2020 under the Companies Act, 2017. At the time registration, NTN number was also allotted to the Company, however Company ignored tax compliances. Now towards the end of 2021, CEO of the Company has directed CFO to hire an internal tax expert and ensure tax compliances are duly undertaken. And to gain further insight on compliance requirements and structure of Pakistan's income taxes applicable on companies, asked the CFO to approach you. In this connection following initial information is provided to you: 1. Company is engaged in manufacturing of tyres locally with production started from April 01", 2021. 2. Heavy machinery is imported for manufacturing facility. Accounting useful life of those machineries are expected to be 10 years and that too on straight line basis. All of its other vendors are local corporates. 3. Accounting year is January to December, the Company intends to follow the same period as their tax year. This is to avoid complications of having different accounting and tax year. 4. The Company simultaneously maintains a good portfolio of listed company shares to earn reasonable capital gain and dividends. 5. All cash of the Company is in Savings account and good profit on debt is earned thereon. 6. Management of the Company is especially apprehensive about any penalty and default surcharges due to ignoring tax compliances till now. 7. The Company has also rented out a portion of its owned premises for first two years as operations are limited being a new setup. Such portion is rented out along with plant and machinery. Further, amenities are also charged from tenant with certain profit %. 8. All its customers are registered taxpayers, and the company is bearing cash flow issues due to WHT by its customers. 9. Donation budget is 2% of annual profits and from now on it would be paid to only those NPOs that are allowed for tax credits. Requirement: Please prepare a detailed report on income tax compliances, computations, administration etc. that may apply to the Company. Feel free to make any assumptions that you need for presenting a clearer picture