Import / Export Trading
Managing Director Identifies PKR 2.4M Tax Overpayment
A Karachi-Based Trading House
- PKR 2.4M
- Tax Recovered
- 100%
- SECP Compliance
- 3 Months
- to Full Compliance
The challenge
A mid-sized trading company with annual turnover of PKR 180 million had been filing their tax returns through an informal accountant for four years. When they approached Sonnets for a compliance review, our team identified significant discrepancies: the company had been overpaying sales tax on exempt supplies and had missed claiming input tax adjustments worth PKR 2.4 million across the last three tax years.
What we did
Our tax team filed amended returns under FBR's revision provisions, successfully recovering PKR 2.4 million in excess tax paid. Simultaneously, our corporate compliance team brought the company's SECP filings up to date — filing two missed Annual Returns and updating director information in Form 29. We implemented a monthly compliance calendar and transitioned the client to QuickBooks Online for real-time financial visibility.
The result
The company now runs a fully compliant, professionally managed financial operation. Their books are clean for any future bank financing or equity raise. The PKR 2.4M recovery was reinvested in inventory, contributing directly to a 15% revenue increase in the following year.
“Sonnets didn't just file our returns — they found money we didn't know we were owed. The compliance review paid for itself ten times over.”