FBR directs banks to provide details of depositors receiving Rs500,000 as profit on debt per year

KARACHI: Federal Board of Revenue (FBR) has directed banks to provide details of all those persons receiving interests above Rs500,000 in a year on their deposits. The FBR sources said that an amendment has been introduced to Section 165A of Income Tax Ordinance, 2001 through Finance Act, 2019 and tightened laws regarding information providing by […]

by Mrs. Anjum Shahnawaz

Finance Bill 2019: tax rate enhanced up to 20pc on profit on debt

Jun 12

2019-2020, Budget, Taxation

Finance Bill 2019: tax rate enhanced up to 20pc on profit on debt

ISLAMABAD: The rate of tax has been increased up to 20 percent from 15 percent on profit on debt through Finance Bill, 2019. The government has proposed increase in tax rates on profit on debt through Finance Bill 2019 as part of budget 2019/2020. The tax rate has been increased to 15 percent from 10 […]

by Faisal Shahnawaz

Profit on banking deposits: High tax rate planned for non-filers in budget 2019/2020

Jun 9

2019-2020, Budget, Exclusive, Taxation

Profit on banking deposits: High tax rate planned for non-filers in budget 2019/2020

ISLAMABAD: A sharp increase in withholding tax rate (may be up to 30 percent) on profit on banking deposits has been planned for non-filers in order to make it almost impossible to stay remain unregistered, sources said. Sources told PkRevenue.com that Federal Board of Revenue (FBR) a large sum of banking system deposits were remained […]

by Faisal Shahnawaz

Profit on Debt: FBR makes mandatory for banks to provide details of account holders

Jan 10

Taxation

Profit on Debt: FBR makes mandatory for banks to provide details of account holders

Islamabad, January 10, 2019 – The Federal Board of Revenue (FBR) has issued a new mandate that compels banks to provide details of individuals receiving profits on their deposits exceeding a certain threshold.

by Mrs. Anjum Shahnawaz