SRB issues sales tax rates on banking services

SRB issues sales tax rates on banking services

KARACHI: Sindh Revenue Board (SRB) has issued sales tax rate at 13 percent on services rendered or provided by banking companies.

The SRB issued a working tariff updated up to November 01, 2020 to notify the rate of sales tax on services provided by various sectors within the province.

Following services provided or rendered by banks shall be charged for sales tax on services:

Guarantee including bank guarantee

— Brokerage

— Letter of credit

— Issuance of cheque books, pay order and demand draft

— Bill of exchange

— Transfer of money including telegraphic transfer, mail transfer and electronic transfer

— Commission including bill discounting commission

— Safe deposit lockers and safe vaults

— Other services not elsewhere specified

— Issuance, processing and operation of credit and debit cards

— Commission and brokerage of foreign exchange dealings

— Automated Teller Machine operations, maintenance and management

— Service provided as banker to an issue

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