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Tag: Federal Board of Revenue

The Federal Board of Revenue is Pakistan’s apex tax agency, overseeing tax collection and policies. Pakistan Revenue is committed to providing timely updates on the Federal Board of Revenue to its readers.

  • FBR issues procedure for zero-rated supplies to Duty Free Shops

    FBR issues procedure for zero-rated supplies to Duty Free Shops

    ISLAMABAD: Federal Board of Revenue (FBR) has issued procedure for zero-rated sales tax supply to duty free shops.

    The FBR on Thursday said that a duty free shop (DFS), duly licensed by the Customs authorities, and entitled to receive zero-rated supplies under serial No. 3 of the Fifth Schedule to the Act, for the purpose of making supplies to the passengers in terms of Customs baggage rules, may observe the following procedure for making zero-rated purchases:−

    (a) The DFS shall get itself registered under the Act, furnish monthly returns and maintain records as stipulated under the Act.

    (b) The DFS will apply to the respective Commissioner Inland Revenue for grant of authorization for taking sales tax free delivery of the goods intended to be purchased from a specified registered manufacturer. In the application DFS will exactly specify the description and quantity of goods besides particulars including sales tax registration number of the manufacturer-cum-supplier.

    Only such goods shall be included in the application as DFS intends to sell against duty free allowances under different baggage concessions.

    (c) At the time of filling application under (a) above, DFS will furnish an indemnity bond in a proper form to the effect that in case goods intended to be purchased free of sales tax are used for the purpose other than the purpose of supplying the same against duty free allowance under different baggage concessions, DFS shall pay the amount of sales tax invoiced in such goods besides additional tax payable under section 34 of Sales Tax Act, 1990.

    Original indemnity bond shall be retained under safe custody in the concerned RTO or LTU and two attested photocopies of the accepted indemnity bond shall be given to DFS and DFS shall give one copy to the concerned manufacturer.

    (d) on the basis of authorization given by the Commissioner Inland Revenue, after acceptance of the indemnity bond furnished by DFS as aforesaid, the manufacturer shall deliver the goods against a zero-rated invoice issued in the name of DFS and quote the reference number and date of authorization issued by the Commissioner Inland Revenue.

    The zero-rated invoice shall show the value of goods in rupees as well as in US dollar. The goods shall be delivered to DFS only after affixing irremovable sticker containing a caution to the effect that it is meant exclusively for supply to and sales by DFS under customs baggage rules.

    (e) DFS shall pay price of the goods in foreign currency (US dollars) which shall be surrendered by the manufacturer to the State Bank of Pakistan and manufacturer shall receive the payment in Pak rupees as per the prevailing State Bank of Pakistan’s procedures and foreign exchange regulations.

    (f) on receipt of goods DFS shall issue a certificate of receipt indicating the reference number and date of the aforesaid authorization and serial number and date of zero-rated invoice.

    This certificate shall be duly attested by the customs staff posted at duty free shops. A copy of this certificate shall be sent each to the manufacturer as well as to the Commissioner Inland Revenue.

    (g) DFS shall maintain proper separate records of the zero-rated purchases and sales of goods purchased under this rule. Full particulars of the passengers buying these goods under baggage rules shall be invariably mentioned in the records. Similarly, the manufacturer shall maintain proper record relating to the supplies made to DFS without payment of sales tax. Both DFS and the manufacturer shall present these records to the sales tax staff for inspection or audit as and when required.

    (h) the said documents shall be furnished in original with a set of photocopies and returned to the manufacturer after tallying an endorsement of verification on the photocopies by the officer-incharge of Refund Division of the Regional Tax Office (RTO).

    Refund shall be processed and sanctioned in accordance with chapter V of the Sales Tax Rules, 2006 treating the claimant as manufacturer-cum-exporter.

    (i) DFS shall procure goods under this order to meet its requirements for a period not exceeding three months and shall ensure that these goods do not find way in the local market. DFS shall be responsible to pay sales tax and additional tax in case any such goods are found being sold in the local market.

    (j) the indemnity bond furnished by DFS shall be released by the Commissioner Inland Revenue only after satisfying himself either through audit or otherwise that goods have been sold by DFS only against duty free allowances under the relevant baggage concessions.

  • 2019/2020: Withholding tax rates on insurance premium

    2019/2020: Withholding tax rates on insurance premium

    ISLAMABAD: The insurance companies are required to deduct/collect withholding tax only from persons not appearing on the Active Taxpayers List (ATL) at the time of collection of insurance premium.

    Federal Board of Revenue (FBR) issued withholding tax card for tax year 2019/2020 and updated tax on insurance premium under Section 236U of Income Tax Ordinance, 2001.

    The FBR said that advance tax to be collected at the time of collection of insurance premium from a person whose name is not appearing in the active taxpayers’ list, by every insurance company in respect of General Insurance Premium and Life Insurance Premium.

    The withholding tax rates shall be:

    General Insurance Premium at four percent

    Life Insurance Premium if exceeding Rs0.3 million in aggregate per annum at one percent

    In other cases there will be not tax collection.

  • Customs intelligence official awarded ‘dismissal from service’ on corruption charges

    Customs intelligence official awarded ‘dismissal from service’ on corruption charges

    ISLAMABAD: Federal Board of Revenue (FBR) has imposed major penalty of ‘dismissal from service’ upon customs intelligence official on the charges of corruption, misconduct and inefficiency.

    In a notification issued on Wednesday, the FBR said that disciplinary proceedings under Government Servants (Efficiency & Discipline) Rules, 1973 were initiated against Muhammad Afzal, Superintendent (BS-16) (Time Scale BS-17) (under suspension), Directorate of Intelligence & Investigation-Customs, Karachi vide Charge Sheet No.2(90)/2012-Cus-III dated 20.04.2017.

    Ms. Saadia Sheeraz, the then Additional Director, Directorate of Customs Valuation, Karachi was appointed as Inquiry Officer to conduct inquiry on account of various acts of omission and commission committed by the accused officer constituting “Inefficiency”, “Misconduct” and “Corruption”.

    The Inquiry Officer submitted inquiry report dated 05.06.2018, according to which the charges of “Inefficiency”, “Misconduct” and “Corruption” were established against the accused officer.

    A Show Cause Notice dated 19.06.2018 was issued to the accused officer and in response, he submitted his defence reply. After considering the inquiry report, reply of the accused to the Show Cause Notice and his oral submissions during the personal hearing with the Authorized Officer on 01.08.2018, the accused officer has been found guilty of “Inefficiency”, “Misconduct” and “Corruption” under rule 3(a),(b)&(c) of the Government Servants (E&D) Rules, 1973.

    The Member (Admn), being the Authority in this case, after having considered all aspects of the case and the recommendations of the Authorized Officer has, therefore, imposed the major penalty of “Dismissal from service” upon Muhammad Afzal, Superintendent under rule 4(1)(b)(iv) of the Govt. Servants (Efficiency & Discipline) Rules, 1973 with immediate effect.

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  • FBR promotes 57 officials to post of superintendents (BS-16)

    FBR promotes 57 officials to post of superintendents (BS-16)

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday promoted 57 officials including superintends, inspectors, intelligence officers of customs department to the post of Superintendent (BS-16) and notified their transfer and postings with immediate effect and until further orders.

    Following officers have been promoted and posted to new places:

    01. Atique Ahmed Deputy Superintendent posted at the same place Regional Tax Office (RTO) III Karachi.

    02. Asad Mirza, Deputy Superintendent posted to Model Customs Collectorate (Preventive) Quetta from MCC Appraisement Quetta.

    03. Nawabzada Javed Haider, Inspector posted to Directorate of Transit Trade, Karachi from MCC Hyderabad.

    04. Shuja Salam, inspector posted to Directorate of Transit Trade, Karachi from MCC Hyderabad.

    05. Saudal Hasan, Inspector posted to Directorate of Transit Trade, Quetta from MCC Hyderabad.

    06. Ghulam Muhammad, intelligence officer posted to Intelligence and Investigation, FBR, Hyderabad from Intelligence and Investigation, FBR Karachi.

    07. Younis Ata, inspector posted to same place MCC Preventive Quetta.

    08. Ehtasham-ul-Haq, inspector posted to same place MCC Faisalabad.

    09. Saleem Shah, Inspector posted to same place MCC Preventive Quetta.

    10. Tariq Sultan, inspector posted to MCC Preventive Quetta from MCC Appraisement Quetta.

    11. Arshad Zubair, inspector posted to MCC Preventive Quetta from MCC Appraisement Quetta.

    12. Muhammad Asif Zaman, Inspector posted to same place MCC Preventive Quetta.

    13. Faisal Siddique, Inspector posted to MCC Preventive Quetta from MCC Appraisement Quetta.

    14. Maqsood Ahmed Jafri, inspector posted to same place Corporate RTO Karachi.

    15. Habib-ur-Rehman, Inspector posted to same place RTO III Karachi.

    16. Malik Muhammad Aslam, Inspector posted to same place Large Taxpayers Unit (LTU), Lahore.

    17. Riasat Ali Javed, inspector posted to same place MCC Preventive Lahore.

    18. Younus Qadri, intelligence officer posted to same place Intelligence and Investigation Lahore.

    19. Muhammad Ashraf Bhatti, inspector posted to same place CRTO Lahore.

    20. Malik Muhammad Ashraf, Inspector posted to same place MCC Preventive Karachi.

    21. Tariq Mehmood Butt, inspector posted to same place RTO Gujranwala,

    22. Naveed Ijaz Bajwa, inspector posted to MCC Preventive Lahore from MCC Sialkot.

    23. Muhamamd Aslam, Inspector, posted to MCC Preventive Peshawar from MCC Appraisement Peshawar.

    24. Zahid Habib Ansari, Inspector posted to same place MCC Faisalabad.

    25. Mir Zaman, inspector posted MCC Preventive Peshawar from MCC Appraisement Peshawar.

    26. Syed Muhamamd Ali, inspector posted to same place MCC Appraisement Lahore.

    27. Muhammad Aslam Makhdoom, inspector posted MCC Preventive Quetta from MCC Appraisement Quetta.

    28. Irfan Mumtaz, Inspector posted to same place MCC Faisalabad.

    29. Mansab Ali Dogar, inspector posted to same place MCC Multan.

    30. Mumtaz Ali Nizamani, inspector posted to same place RTO-III Karachi.

    31. Masood Sadiq Tarar, inspector posted to same place MCC Multan.

    32. Sadaqatum Nazar Ali, inspector posted to MCC Preventive Lahore from MCC Appraisement Lahore.

    33. Muhammad Zahid Nadeem, Inspector posted to same place Directorate of Internal Audit (Customs), Lahore.

    34. Syed Mahmood Pervez, inspector posted to same place CRTO Lahore.

    35. Rai Waqar Ahmad, inspector posted to same place MCC Preventive Lahore.

    36. Zafar Ullah Khan Niazi, inspector posted to MCC Preventive Lahore from Internal Audit (Customs) Lahore.

    37. Saleem Raza, inspector posted to same place MCC Preventive Lahore.

    38. Sohail Iqbal, inspector posted to MCC Preventive Lahore from MCC Appraisement Lahore.

    39. Qaiser Ehsan Rao, inspector posted to same place MCC Preventive Lahore.

    40. Mazhar Elahi, inspector posted to MCC Preventive Peshawar from MCC Appraisement Peshawar.

    41. Seikh Mudassar Ahmad, inspector posted to MCC Preventive Peshawar from MCC Appraisement Peshawar.

    42. Rai Khalid Javed, inspector posted to same pace MCC Multan.

    43. Tariq Hussain Bhutto, inspector posted to Directorate of Transit Trade Quetta from MCC Hyderabad.

    44. Shahid Naseem Joiya posted to MCC Preventive Lahore from Directorate of IPR Enforcement (Central) Lahore.

    45. Ibrar Hussain, Inspector posted to same place MCC Preventive Lahore.

    46. Ashfaq Ahmad, inspector posted to same place MCC Multan.

    47. Mirza Iqbal Hussain, inspector posted to same place MCC Preventive Lahore.

    48. Muhammad Saeed, inspector posted to same place MCC Preventive Lahore.

    49. Muhammad Mahmood Anwar, inspector posted to same place MCC Preventive Lahore.

    50. Abdul Qayyum, inspector posted to same place MCC Preventive Peshawar.

    51. Babar Rehman, inspector posted to same place MCC Multan.

    52. Naseem Mahmood Cheema, inspector, posted to same place MCC Preventive Lahore.

    53. Malik Sher Afzal, inspector posted to same place MCC Gilgit Baltistan.

    54. Syed Shahid Abbas, inspector posted to same place MCC Appraisement Lahore.

    55. Haleem Ullah, inspector posted to Intelligence and Investigation, FBR, Islamabad from MCC Gilgit Baltistan.

    56. Khawaja Hur Abbas, inspector posted to same place MCC Preventive Lahore.

    57. Anjum Sheraz, Inspector posted to MCC Multan from MCC Appraisement Lahore.

    FBR said that the promotions of above mentioned officials would take effect from the date of their joining / charge assumption, subject to the condition that no disciplinary proceedings were pending against them.

    They will be on probation for a period of one year, extendable for further period, not exceeding one year, provided that if no order is issued by the day following the termination of probationary period, the appointment shall deem to be held until further order.

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  • FBR allows retail price printing relaxation on imported consumer items

    FBR allows retail price printing relaxation on imported consumer items

    ISLAMABAD: Federal Board of Revenue (FBR) on Wednesday extended relaxation on mandatory printing of retail prices on imported consumer items after receiving several representations from stakeholders.

    On the basis of representations, the FBR granted relaxation by issuing sales tax notification.

    The FBR said that for the imports from North and South America, if bill of lading date is prior to June 30, 2019, the condition of printing retail price is relaxed up to August 31, 2019, subject to the condition that the importer declares retail price for each of the imported items in terms of Section 2(27) of the Sales Tax Act, 1990, and that the goods are assessed for sales tax on such declared retail price.

    FBR said that the retail price, if not printed at import stage, can be printed at the port of import in the prescribed manner.

    If that is also not possible, the importer shall undertake to print the retail price after clearance of goods and shall pay sales tax on retail rice which shall not be less than 130 percent of the customs value increased by assessed customs duties, excise duty and other applicable taxes and charges excluding sales tax.

    The FBR said that if the phrase ‘in retail packing’ appears against any item/entry in the Third Schedule, the retail price taxation thereon shall not apply if such items are not in retail packing at the time of import.

    All other items shall be charged to sales tax on the basis of retail price even if not in retail packing.

    Under existing law, the goods being raw materials or intermediary goods, with customs duty rate below 16 percent are excluded from purview of value addition tax under the Twelfth Schedule.

    Such items, if imported by a commercial importer, are in such form that the same can be sold to the customer without further manufacturing process, such as tea, spices etc. the same shall be subject to value addition tax.

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  • 2019/2020: FBR explains withholding tax on profit on debt

    2019/2020: FBR explains withholding tax on profit on debt

    ISLAMABAD: Federal Board of Revenue (FBR) has explained levy of withholding tax on profit on debt for tax year 2019/2020 applicable from July 01, 2019.

    The FBR said that every person, other than a company, receiving profit on debt from persons mentioned in clause (a) to (d) of sub-section (1) of Section 151 are separately taxed at the rates provided in Division IIIA of Part I of the First Schedule.

    The section 151 explains:

    151. Profit on debt. — (1) Where –

    (a) a person pays yield on an account, deposit or a certificate under the National Savings Scheme or Post Office Savings Account;

    (b) a banking company or financial institution pays any profit on a debt, being an account or deposit maintained with the company or institution;

    (c) the Federal Government, a Provincial Government or a Local Government pays to any person profit on any security other than that referred to in clause (a) issued by such Government or authority; or

    (d) a banking company, a financial institution, a company referred to in sub-clauses (i) and (ii) of clause (b) of sub-section (2) of section 80, or a finance society pays any profit on any bond, certificate, debenture, security or instrument of any kind (other than a loan agreement between a borrower and a banking company or a development finance institution) to any person other than financial institution.

    The FBR said that prior to the Finance Act, 2019, the rates were 10 percent where profit on debt was up to Rs5 million, 15 percent where profit on debt was more than Rs5 million but not more than Rs25 million and 15 percent where profit of debt exceeding Rs25 million.

    Through Finance Act, 2019, the rates of imposition of tax under Section 7B mentioned in Division IIIA, Part I of the First Schedule have been enhanced as:

    01. Where profit on debt does not exceed Rs5 million, the tax rate shall be 15 percent;

    02. Where profit on debt exceeds Rs5 million but does not exceed Rs25 million, the tax rate shall be 17.5 percent; and

    03. Where profit on debt exceeds Rs25 million but does not exceed Rs36 million, the tax rate shall be 20 percent.

    The FBR said that where the profit on debt exceeds Rs36 million in a tax year, section 7B will not be applicable and the profit on debt will not be separately taxed for persons other than companies.

    In such cases, profit on debt will be chargeable to tax under the head ‘income from other sources’ under section 39 and tax shall be imposed at the rates specified in paragraph (1) or (2), as the case may be, of Division I, Part I of the First Schedule.

  • FBR estimates Rs20 billion annual revenue loss in illicit tobacco trade

    FBR estimates Rs20 billion annual revenue loss in illicit tobacco trade

    ISLAMABAD: Federal Board of Revenue (FBR) has estimated around Rs20 billion as revenue loss due to illicit trade of tobacco products.

    The FBR on Tuesday said that the tobacco sector in Pakistan contributed significant revenue in 2018-2019 amounting to Rs 117 Billion (Rs 90.854 billion FED and Rs. 26.147 Billion sales tax).

    However, Pakistan is also facing problem with the illicit trade in tobacco products, which includes undeclared local production, smuggling of tobacco products of foreign brands and counterfeit production. “The illicit trade in tobacco products costs Pakistan more than Rs. 20 billion a year,” the FBR said.

    In order to prevent leakage of revenue, under-reporting of production and sales of tobacco products and to ensure proper payment of FED and Sales Tax on the manufacture and sale of tobacco products, the FBR is mandated to licence the implementation of a track and trace system; which is to be developed, operated and maintained by the licensee for tobacco products manufactured in and imported into Pakistan.

    To this end, the FBR is inviting applications for grant of licence to be issued under the Sales Tax Rules of 2006 for the development, maintenance and operation of track and trace system in accordance with the provisions of the rules and the instructions specified herein below.

    The successful applicant in compliance with SRO 250(I)/2019 dated 26.02.2019 shall implement a track and trace system, including high security tax Stamps/Markers/Codes which includes unique, secure and non-removable identification markings (hereafter referred to as unique identification markings) combined with state-of-the-art electronic monitoring and tracking systems, for the purpose of protecting existing revenue and to facilitate the generation of further revenue streams through the effective reduction of the illicit trade of tobacco products in Pakistan.

    The FBR said that Pakistan ratified the Framework Convention on Tobacco Control (FCTC) on 3rd November 2004 and acceded to the FCTC Protocol to Eliminate Illicit Trade in Tobacco Products on 29th June 2018. Article 8.2of the FCTC Protocol requires Pakistan to establish a tracking and tracing system, to be controlled by Pakistan, for all tobacco products that are manufactured in, imported into or transiting through its territory.

    Pakistan has to embark on a project to implement a track and trace system for tobacco products to meet its national need to monitor and protect its revenues and address the high level of illicit trade within its borders, and to meet its international obligations under FCTC to implement a track and trace system that can form part of a regional and/or global international track and trace regime for tobacco products.

  • FBR imposes major penalty on four customs officials

    FBR imposes major penalty on four customs officials

    KARACHI: Federal Board of Revenue (FBR) has imposed major penalty on four customs officials for misconduct and inefficiency.

    The FBR on Monday issued four different office orders to imposed major penalty including demotion to lower grade and compulsory retirement.

    The FBR imposed the major penalty of “Reduction to the lower post of UDC” upon Qamar Jamal, Appraising Officer (BS-16), Model Customs Collectorate of Port Muhammad Bin Qasim. The FBR found the official guilty of misconduct and inefficiency.

    The FBR imposed the major penalty of “Reduction to the lower post of Appraising Officer” upon Amir Ahmad Samoo, Principal Appraiser (BS-16), Model Customs Collectorate of Appraisement-West, Karachi. The FBR found the official guilty of misconduct and inefficiency.

    The FBR imposed the major penalty of “Compulsory Retirement” upon Rao Muhammad Aslam, Appraising Officer/ (Examiner) (BS-16), Model Customs Collectorate of Appraisement-East, Karachi. The FBR found the official guilty of misconduct and inefficiency.

    The FBR imposed the major penalty of “Reduction to a lower post of UDC” upon Nasir Iqbal, Inspector (BS-16) (Posted as Examining Officer) in Model Customs Collectorate (Appraisement-West), Karachi. The FBR found the official guilty of misconduct and inefficiency.

  • 2019/2020: Withholding tax rates issued on payment for goods and services

    2019/2020: Withholding tax rates issued on payment for goods and services

    KARACHI: Federal Board of Revenue (FBR) has issued withholding tax rates on payment for goods and services during tax year 2019/2020 under Section 153 of Income Tax Ordinance, 2001.

    The FBR said that every prescribed person shall collect withholding tax under Section 153 of Income Tax Ordinance, 2001 from resident persons and permanent establishment in Pakistan of non-resident at the time the amount is actually paid.

    Under Section 153(1)(a) for sale of rice, cotton seed oil and edible oil, the tax rate shall be 1.5 percent of the gross amount.

    Persons not appearing in the Active Taxpayers’ List : The applicable tax rate is to be increased by 100% (Rule-1 of Tenth Schedule to the Ordinance), i.e. 3 percent of the gross amount

    Tax should be collected on supply made by distributors of fast moving consumer goods: two percent of gross amount in case of company; 2.5 percent of gross amount in case of other than company.

    Persons not appearing in the Active Taxpayers’ List The applicable tax rate is to be increased by 100% (Rule-1 of Tenth Schedule to the Ordinance), i.e.: 4 percent of the gross amount in case of company; 5 percent of the gross amount in case of other than company.

    For sale of any other goods: 4 percent of the gross amount in case of company; 4.5 percent of the gross amount in case of other than company.

    Persons not appearing in the Active Taxpayers’ List: The applicable tax rate is to be increased by 100% (Rule-1 of Tenth Schedule to the Ordinance), i.e.: 8 percent of the gross amount in case of a company; 9 percent of the gross amount in case of other than a company.

    Goods: No deduction of tax where payment is less than Rs. 75,000/- in aggregate during a financial year [S.153(1)(a)].

    The FBR said that it shall be minimum tax for all except in the following cases where it shall not be minimum tax on sale or supply of goods, by:

    (i) a company being manufacturers of such goods or

    (ii) Public company listed on registered Stock Exchange in Pakistan.

    The FBR said that under Section 153(1)(b) the tax rate should be collected at 3 percent in case:

    (i) i. Transport services, freight forwarding services, air cargo services, courier services, man power outsourcing services, hotel services, security guard services, software development services, IT Services and IT enabled services as defined in clause (133) of Part I of the Second Schedule, tracking services, advertising services (other than by print or electronic media), share registrar services, engineering services, car rental services, building maintenance services, services rendered by Pakistan Stock Exchange Ltd. & Pakistan Mercantile Exchange Ltd. , inspection, certification, testing & training services.;

    Persons not appearing in the Active Taxpayers’ List :The applicable tax rate is to be increased by 100% (Rule-1 of Tenth Schedule to the Ordinance), i.e. 6 percent of the gross amount.

    ii. In case of rendering or providing of services other than as mentioned at (i) above;

    a) In case of company: 8 percent of the gross amount

    b) In any other case: 10 percent of the gross amount

    c) In respect of persons making payment to electronic & print media for advertising services: 1.5 percent of the gross amount.

    Persons not appearing in the Active Taxpayers’ List : The applicable tax rate is to be increased by 100% (Rule-1 of Tenth Schedule to the Ordinance), i.e.:

    a) In case of company: 16 percent of the gross amount.

    b) In any other case: 20 percent of the gross amount.

    c) In respect of persons making payment to electronic & print media for advertising services: 3 percent of the gross amount.

    Services : No deduction of tax where payment is less than Rs. 30,000/- in aggregate during a financial year [S.153(1)(b)].

    It shall be minimum cases in mentioned above cases.

    Under Section 153(1)(c), the tax rates shall be:

    Execution of Contracts

    i) In case of sportsperson: 10 percent

    ii) In the case of Companies: 7 percent

    iii) In the case of persons other than companies: 7.5 percent

    Persons not appearing in the Active Taxpayers’ List: The applicable tax rate is to be increased by 100% (Rule-1 of Tenth Schedule to the Ordinance), i.e.:

    i) In case of sportsperson: 20 percent

    ii) In the case of Companies: 14 percent

    iii) In the case of persons other than companies: 15 percent

    Minimum Tax for all whereas it will remain adjustable where payments are received on account of execution of contracts by Public Company listed on registered Stock Exchange in Pakistan.

  • FBR issues withholding tax rates on cash, online banking transactions

    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.

    (more…)