Banks in Pakistan are now required to collect a 5 percent withholding tax on payments for off-shore digital services, according to the Withholding Tax Card for Tax Year 2019 released by the Federal Board of Revenue (FBR).
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FBR, Pakistan’s national tax collecting agency, plays a crucial role in the country’s economy. Pakistan Revenue is committed to providing readers with the latest updates and developments regarding FBR activities.
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Media to pay 20pc final tax on foreign produced advertisements
The Federal Board of Revenue (FBR) in Pakistan has introduced a significant tax measure by imposing a 20% final tax on media at the time of payments for the production of commercial advertisements to foreign entities.
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Withholding tax rate on winning prize bonds
The Federal Board of Revenue (FBR) has revealed the withholding tax rate on prize bonds and winning for Tax Year 2019, as outlined in Section 156 of the Income Tax Ordinance, 2001.
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Withholding tax rates on income from property for Tax Year 2019
The Federal Board of Revenue (FBR) has recently released the rates of withholding tax to be collected on income from property for Tax Year 2019.
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Curbs on non-filers trap tax authorities
ISLAMABAD: The tax authorities are facing challenging revenue collection after imposing curbs on non-filers in the budget 2018-2019.
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Applicable duty, tax rates on mobile phones
Applicable rates of duty and tax on mobile phones have been unveiled for the payment at the import stage and collected by Pakistan Customs.
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FBR withdraws sales tax zero-rating on electricity supply to two textile units
KARACHI: Federal Board of Revenue (FBR) has withdrawn sales tax zero rating on supply of electricity to two textile units on misuse of tax concession facility.
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Withholding tax rates on profit on banking deposits
Withholding tax rates on profit on banking deposits have been updated for tax year 2019. In a significant development for the financial sector, the Federal Board of Revenue (FBR) has announced updated withholding tax rates on profit earned from banking deposits for the tax year 2019.
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Late return filers may be allowed entry into ATL
Late return filers of income tax may soon have the opportunity to be included in the Active Taxpayers List (ATL) following proposed amendments to tax laws.
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