Dec
27
Taxation
Banks directed to collect advance tax from non-ATL persons
ISLAMABAD: Federal Board of Revenue (FBR) has directed banks to collect advance income tax on non-cash banking transactions from persons non-appearing on the Active Taxpayers List (ATL). Sources said that financial institutions are required to collection advance tax at 0.6 percent on the transactions of above Rs50,000 non-cash banking transactions. The government introduced the withholding […]