FBR to impose penalty on withholding agent for not submitting taxpayers’ information

Feb 10

Taxation

FBR to impose penalty on withholding agent for not submitting taxpayers’ information

ISLAMABAD: Federal Board of Revenue (FBR) will impose penalty on withholding agents for failure in submitting withholding statement or information of taxpayers for the period July – December 2019. The last day for filing withholding statement electronically was January 31, 2020. Most of the withholding agents had filed the statements as per requirement. However, some […]

by Mrs. Anjum Shahnawaz

FBR directs withholding agents to clearly mention CNIC of non-ATL persons

Jan 15

Taxation

FBR directs withholding agents to clearly mention CNIC of non-ATL persons

KARACHI: Withholding agents have been directed to clearly mention the Computerized Identity Card Number (CNIC) of persons whose amounts have been withheld under various transactions. The withholding agents have been directed to provide CNIC particularly those persons who are not appearing on the Act Taxpayers List (ATL). Sources in Federal Board of Revenue (FBR) said […]

by Mrs. Anjum Shahnawaz

Withholding agent condition withdrawn on individuals with turnover up to Rs100 million

Jan 3

Taxation

Withholding agent condition withdrawn on individuals with turnover up to Rs100 million

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn the condition on individuals to act as withholding agent in case the business turnover is up to Rs100 million. The government through Tax Laws (Second Amendment) Ordinance, 2019 introduced major change to Income Tax Ordinance, 2001. Under section 153 of the Ordinance, individuals having turnover of Rs50 […]

by Mrs. Anjum Shahnawaz

FBR receives information of car buyers from withholding agents

Nov 10

Taxation

FBR receives information of car buyers from withholding agents

ISLAMABAD: Federal Board of Revenue (FBR) has received information of persons who purchased motor vehicles during tax year 2019. The tax authorities will cross check the sale or purchase of motor vehicles through income tax returns for tax year 2019, which can be filed by November 30, 2019. The FBR sources said that the tax […]

by Mrs. Anjum Shahnawaz

FBR to launch audit of withholding agents

Aug 27

Taxation

FBR to launch audit of withholding agents

KARACHI: Federal Board of Revenue (FBR) on Monday initiated a program of skill development of its officials to conduct system audit of withholding agents. A statement said that under the dynamic leadership of Syed Shabbar Zaidi, Chairman, FBR, a new initiative had been taken up by Faheem-ul-Haq, Director General (Withholding) and launched by Dr. Aftab […]

by Mrs. Anjum Shahnawaz

Withholding agents to be liable to pay tax on failure to deduct Sindh sales tax

Jun 23

Taxation

Withholding agents to be liable to pay tax on failure to deduct Sindh sales tax

KARACHI: The Sindh government has proposed legislation to make withholding agents responsible to pay tax on which he fails to deduct or fails to deposit deducted amount to provincial kitty. The Sindh Finance Bill 2019 proposed that the withholding agent is personally liable if he either fails to deduct tax or having deducted tax fails […]

by Mrs. Anjum Shahnawaz

Withholding agents relaxed; require filing statements biannually

Jan 24

Budget, Supplementary Budget 2019, Taxation

Withholding agents relaxed; require filing statements biannually

Withholding agents have been relaxed and they are now required filing statements biannually, according to new amendments introduced by the government of Pakistan.

by Mrs. Anjum Shahnawaz