No service charges allowed for collecting withholding tax

KARACHI: Federal Board of Revenue (FBR) has not allowed deduction of service charges by withholding agents for collecting/deducing withholding tax on behalf of the federal tax authority. According to an official document, under the Income Tax Ordinance, 2001 the withholding agents are not entitled to receive any service charges for collection or deduction of tax […]

by Mrs. Anjum Shahnawaz

Commercial importers, traders require filing annual returns, maintain complete record

Feb 23

Taxation

Commercial importers, traders require filing annual returns, maintain complete record

KARACHI: Commercial importers and individual traders are required to file income tax return and maintain complete records of transactions, a tax analyst said. Murtaza Qurban, Executive Manager, EY Ford Rhodes highlighted the application of minimum tax on commercial importers and individual traders in an event recently organized by Karachi Tax Bar Association (KTBA). He said […]

by Mrs. Anjum Shahnawaz