Karachi, January 7, 2024 – Pakistan has revealed the tax rates on cash withdrawals for tax year 2024. The move aims to boost revenue collection and promote financial transparency by encouraging participation in the tax system.
Karachi, November 23, 2023 – The Federal Board of Revenue (FBR) has collected approximately Rs 4 billion as withholding tax on cash withdrawals from banks, according to provisional data obtained from the Large Taxpayers Office (LTO) in Karachi.
Karachi, August 15, 2023 – The Federal Board of Revenue (FBR) has begun monitoring citizens who are withdrawing large amounts of cash from banks, as part of efforts to increase the number of taxpayers in the country.
In a significant move to boost tax revenues, the Federal Board of Revenue (FBR) has announced the reintroduction of tax collection on cash withdrawals from Non-Active Taxpayer List (ATL) persons by banks.
Karachi, July 14, 2023 – In compliance with the recently implemented amendment in the Income Tax Ordinance, 2001, through the Finance Act, 2023, banks have commenced deducting withholding tax on cash withdrawals exceeding Rs50,000 in a single day.
Islamabad, June 28, 2023: The National Assembly of Pakistan has given its approval to implement a withholding tax on cash withdrawals made by non-filers of income tax returns, effective from July 1, 2023.
ISLAMABAD: Banks shall not collect/deduct withholding tax on cash withdrawal from July 01, 2021 subject to approval of the Finance Bill by the National Assembly. The Finance Bill 2021 proposed abolishing levy of withholding tax on cash withdrawals from banking system. The withholding tax on cash withdrawal was imposed through Finance Act, 2005 in order […]
ISLAMABAD: The income tax collection on cash withdrawal from banking system fell by around 52 percent during tax year 2020 following return filers allowed tax free transactions. According to statistics released by the Federal Board of Revenue (FBR) the collection of income tax under Section 231A of Income Tax Ordinance, 2001 was at Rs15.17 billion […]
ISLAMABAD: Federal Board of Revenue (FBR) has updated rate of income tax to be deducted at the time of cash withdrawal from banks during tax year 2021 (July 01, 2020 to June 30, 2021). The FBR issued Income Tax Ordinance, 2001 (updated up to June 30, 2020) after incorporating amendments brought through Finance Act, 2020. […]
ISLAMABAD: The Senate of Pakistan has recommended the government to abolish withholding tax on cash transactions from banks. In its key tax recommendations for finalizing budget 2020/2021, the Senate recommended that the government should abolish all kinds of withholding tax chargeable on cash transactions from banks. It recommended that instead of the proposed amendment in […]