ISLAMABAD: Withdrawal of tax on banking transactions has caused a loss of over Rs31 billion to the Federal Board of Revenue (FBR).
ISLAMABAD: Federal Board of Revenue (FBR) has directed banks to collect advance income tax on non-cash banking transactions from persons non-appearing on the Active Taxpayers List (ATL). Sources said that financial institutions are required to collection advance tax at 0.6 percent on the transactions of above Rs50,000 non-cash banking transactions. The government introduced the withholding […]
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.