Benefits of NTN Registration Non-Profit Organization
The benefits of registering an NPO (Non-Profit Organization) for an NTN (National Tax Number) in Pakistan include:
- Tax Exemptions: Registered NPOs can be eligible for a number of tax exemptions, including exemptions from income tax and sales tax. This can help the NPO to save money and increase the resources available for its activities.
- Legitimacy: Registering for an NTN and obtaining a Certificate of Registration can provide an NPO with greater legitimacy in the eyes of donors, volunteers, and other stakeholders. It shows that the NPO is a legally recognized entity that is committed to transparency and accountability.
- Access to Funding: Many donors and funding agencies require NPOs to be registered for an NTN and to have obtained a Certificate of Registration in order to be eligible for funding. By registering for an NTN, an NPO can increase its access to funding and other resources.
- Compliance: Registering for an NTN and complying with tax obligations can help an NPO to avoid legal and financial risks. It also ensures that the NPO is following best practices in terms of financial management and reporting.
- Professionalism: By registering for an NTN and obtaining a Certificate of Registration, an NPO can demonstrate its professionalism and commitment to its mission. This can help to build trust with stakeholders and increase the organization’s impact.
Overall, registering for an NTN can provide many benefits to an NPO in Pakistan. It is important to consult with a qualified tax professional to ensure that the NPO is taking full advantage of all available benefits and is complying with all relevant regulations.
Process for NTN Registered NPO
The process of registering an NPO (Non-Profit Organization) for an NTN (National Tax Number) in Pakistan generally involves the following steps:
- Register the NPO: The first step is to register the NPO with the relevant regulatory authority. The type of regulatory authority depends on the type of NPO. For example, if the NPO is a charitable organization, it may need to be registered with the Securities and Exchange Commission of Pakistan (SECP) or the Social Welfare Department of the relevant province.
- Obtain a Certificate of Registration: Once the NPO is registered, it needs to obtain a Certificate of Registration. This certificate serves as proof of the NPO’s legal existence and enables it to conduct its activities. The process for obtaining a Certificate of Registration varies depending on the regulatory authority and may require the submission of various documents and fees.
- Apply for an NTN: After obtaining a Certificate of Registration, the NPO can apply for an NTN. This can be done by filling out the relevant form on the Federal Board of Revenue (FBR) website and providing the required documents, which may include the Certificate of Registration, proof of address, and the National Identity Card of the authorized representative.
- Apply for a Tax Exemption Certificate: If the NPO is eligible for tax exemptions, it can apply for a Tax Exemption Certificate. This certificate exempts the NPO from paying income tax and sales tax on its activities. The process for obtaining a Tax Exemption Certificate varies depending on the type of NPO and the regulatory authority.
- Maintain Records and File Returns: Once the NPO is registered for an NTN, it must maintain accurate records of its activities and financial transactions. It must also file regular tax returns and comply with any other tax obligations.
The process of registering an NPO for an NTN can be complex and time-consuming. It is important to consult with a qualified tax professional and to ensure that all the required documents are filed and the relevant fees are paid in order to obtain the NTN and any other necessary registrations.
IF YOU CREATE NTN THEN PLEASE FILL THIS REQUIREMENT:
- NTN of all members
- Registration Certificate
- Constitution of NPO
- Authorization of principal Officer
- Color copy of CNIC’s of Partners
- Rent agreement/ownership docs of Office premises
- Letterhead
- Latest paid electricity bill
- Phone Number with Connection name
- Email address (Gmail)
- Any other document as required by the concerned authority
Complete this Process with in 4 – 5 Days