Mar 15

SBP withdraws Raast payment transaction limits

KARACHI: The State Bank of Pakistan (SBP) on Tuesday withdrew transactional limits of payments made through Raast System i.e. Raast Person-to-Person (P2P) Payment System. The SBP issued Circular No. 02 dated March 15, 2022 and stated that to further facilitate users of Raast services it has been decided that with effect from April 1, 2022, […]

by Faisal Shahnawaz

Finance Act, 2021: Withholding tax on banking transactions abolished; highlights of relief measures

Jul 1

Taxation

Finance Act, 2021: Withholding tax on banking transactions abolished; highlights of relief measures

ISLAMABAD: The Finance Act, 2021 has abolished the withholding tax on banking transactions that were applicable under Income Tax Ordinance, 2001. Following are the details of relief measures announced in the Finance Act, 2021: Deletion of 12 withholding taxes Provision Description 153B Collection of tax on payment of royalty to residents 231A Collection of tax […]

by Mrs. Anjum Shahnawaz

FBR issues withholding tax rates on cash, online banking transactions

Aug 4

2019-2020, Budget, Taxation

FBR issues withholding tax rates on cash, online banking transactions

KARACHI: Federal Board of Revenue (FBR) has issued withholding tax card for tax year 2019/2020 and prescribed the rate of withholding income tax to be deducted/collected on transactions made through banking system either by cash or online transfers.

by Mrs. Anjum Shahnawaz

Return filers enjoy tax free banking transactions

Mar 13

Taxation

Return filers enjoy tax free banking transactions

KARACHI: The income tax filers have started enjoying withholding tax exemption on transactions of money through banking channels. After the implementation of amendments made through Finance Supplementary (Second Amendment) Act, 2019 the income tax return filers are no more required to pay 0.6 percent withholding tax on cash withdrawal. The exemption is applicable on the […]

by Faisal Shahnawaz