FBR to get information of banking deposits, payments, profit on debt

ISLAMABAD: Federal Board of Revenue (FBR) to obtain information of deposits, payments and profit on debt of account holders from banking companies. According to news rules proposed through SRO 686(I)/2020 issued a... Read more »

FBR imposes restriction on deduction of profit on debt payable to associated enterprise

ISLAMABAD: Federal Board of Revenue (FBR) has imposed restriction on deduction of profit on debt payable to associated enterprise in order to comply with OECD action on profit shifting. The restriction has... Read more »

Banks to provide information of all recipients of profit on debt

KARACHI: The Federal Board of Revenue (FBR) to ask banks to provide information of all persons receiving profit on debt from July 01, 2020. To implement this an amendment has been introduced... Read more »

Reviewing withholding tax on profit on debt suggested

KARACHI: The tax authorities have been suggested to review withholding tax rates on profit on debt in forthcoming budget. Overseas Investors Chamber of Commerce and Industry (OICC) in proposals for budget 2020/2021... Read more »

Tax collection from profit on banking deposits jumps up by 185%

KARACHI: The collection of withholding tax from profit on banking deposits surged by 185 percent during first eight months (July – February) 2019/2020 owing to higher interest rates maintained by the central... Read more »

Profit on debt above Rs36 million to be treated as normal tax

KARACHI: The rate of tax on profit on debt above Rs36 million shall be treated as normal tax rate, tax officials said on Tuesday. Read more »

Banks to provide details of persons receiving profit on debt

ISLAMABAD: Banks will provide certain information of persons receiving profits on their deposits to the Federal Board of Revenue (FBR) after amendment in the tax rules, sources said on Monday. Read more »

Withholding tax collection on profit from bank deposits surges by 194pc

KARACHI: The collection of withholding tax from profit on bank deposits registered unprecedented growth of 194 percent during first quarter of first fiscal year as the tax rates increased by 100 percent... Read more »

Tax rate on interest income for Tax Year 2020

KARACHI: Federal Board of Revenue (FBR) issued tax rate to be imposed on interest income during Tax Year 2020. Read more »

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. Read more »