Payroll Management Services in Pakistan by Waystax

How Do We Manage Payroll Management Services in Pakistan?

We follow a simple and organized payroll management process:

1. Collect Employee Details: Gather salary structures and attendance records.
2. Track Attendance: Record working hours, leaves, and overtime.
3. Calculate Salaries:  Include bonuses, allowances, and deductions.
4. Apply Deductions: Deduct taxes and other amounts as per the law.
5. Generate Payroll slips: Provide employees with detailed salary slips.
6. Transfer Salaries:  Pay employees securely and on time.
7. Handle Taxes:  File taxes and ensure compliance with regulations.

Outsource Payroll and Salary Tax Services with Waystax

Managing payroll, taxes, employee benefits, and compliance with the law can be overwhelming. 

That’s why many companies partner with Waystax to smooth payroll tax services and ensure accurate and efficient handling.

We provide comprehensive payroll services for small businesses to larger corporations, including

1. Payroll Calculation and Management

• Allowances Management:  We handle commissions, bonuses, travel, and entertainment allowances.
• Deductions & Calculations:  We ensure proper deductions for loans, late penalties, leave deductions, and taxes.
• Benefit Deductions: Contributions to EOBI and Provident Fund are deducted accurately.

2. Salary Tax Calculation as per Income Tax Slabs

We calculate salary tax based on the latest income tax slabs in Pakistan, ensuring tax compliance with government laws.

3. Generating Tax Challan (FBR PSID)

We generate the Payment Slip Identifier (PSID) required for salary tax submission. This PSID is crucial for paying taxes electronically through the FBR’s online system.

4. Guidance on Salary Tax Submission

We provide detailed guidance to your organization’s focal person about the salary tax submission procedure, including step-by-step instructions for compliance with FBR regulations.

5. Record Keeping and CPR Management

We maintain secure records of Computerized Payment Receipts (CPRs) issued by FBR after tax payments for future reference and auditing purposes.

6. Issuance of Annual Salary Tax Certificates

Under Rule 42 of the Income Tax Act, we issue annual tax certificates for employees, which are crucial for tax verification and personal tax filings.

7. Fast Communication via Official WhatsApp Group

To ensure efficient communication, Waystax will set up an official WhatsApp group for designated Points of Contact (POCs) at your company. This allows for quick resolution of tax-related queries and smooth coordination.

8. Monthly Salary Slips

We generate detailed payroll salary slips for all employees, ensuring transparency.

9. EOBI and Insurance Services

• EOBI Enrollment: We assist in pension and retirement plan compliance.
• Insurance Services: Managing both life and medical insurance for employees.

10. Employee Benefits Management

• ESOPs (Employee Stock Ownership Plans): Issuing grant letters and records.
• KPIs, Bonuses & Increments: Managing employee performance records and bonuses.
• Separation Benefits: Handling gratuity calculations and other allowances.

11. Exit Process Management

Ensuring smooth employee offboarding with final remuneration processing.

12. Managing Benefit Contributions and Salary Formulation

• EOBI & Provident Fund Contributions: Ensuring timely employer contributions.
• Gratuity Calculation: Processing gratuity payments as per company policy.

13. Income Tax Calculation and PSID Management

• Income Tax Calculation: Based on Section 149 of the Income Tax Ordinance.
• Annual Tax Certificates: Issued in compliance with Section 42 of the Income Tax Act.

Transparent Communication and Support

To ensure smooth communication, Waystax will set up an official WhatsApp group for quick updates and queries regarding salary tax services.

Information Required from Your Company

To ensure accuracy, we need the following details:

• Employee Salary Details (Basic pay, bonuses, allowances)
• Employee Benefits Information (Provident fund, EOBI, insurance)
• Loans and Deductions (Leave penalties, late deductions, taxes)
• Remuneration Changes (Salary increments, bonuses)
• Employee Exit Details (For final settlements)

What to Look for in Payroll Outsourcing Companies?

• Automation: No manual errors.
• Easy Integration: Works with your HR systems.
• Custom Solutions: Tailored to your business.
• Data Security: Protects employee information.
• Scalability: Grows with your business.
• Compliance: Keeps you updated on laws.
• User-Friendly: Easy to use for everyone.
• Mobile Access: Manage payroll on the go.
• Transparent Pricing: No hidden costs.
• Great Support: Reliable customer service.

Why Choose Waystax as Your Payroll Service Provider?

Managing payroll can be complicated and time-consuming. With Waystax ( a professional payroll company), you get top-tier payroll services tailored for businesses of all sizes.

• Accurate Salary Calculations: No mistakes in salary payments.
• Secure Data: Your employee information is safe with us.
• Custom Solutions: Our service is designed for small to large businesses.
• Tax Compliance: Avoid penalties and save costs.
• Time-Saving: Automated systems ensure quick processing.
• Cost-Effective: Reduce administrative expenses.