The Institute of Chartered Accountants of Pakistan (ICAP) has recommended the removal of the withholding tax burden imposed on listed companies by the Federal Board of Revenue (FBR).
KARACHI: The Union of Small and Medium Enterprises (UNISAME) has voiced its opposition to reports suggesting that the government is considering the re-imposition of withholding tax on cash withdrawals.
Foreign investors operating in Pakistan are calling on the country to abolish the withholding tax on telecom services.
ISLAMABAD: Federal Board of Revenue (FBR) has collected over Rs81 billion from sale and purchase of property transactions during tax year 2022, official documents revealed.
ISLAMABAD: Share of withholding tax (WHT) collection in total collection of direct taxes has increased to 67 during Tax Year 2022 despite elimination of many provisions related to the withholding taxes. The Federal Board of Revenue (FBR) collected an amount of Rs1,534 billion as withholding taxes during the tax year 2022, which is 67 per […]
ISLAMABAD: Pakistan has introduced an automated system for real-time payment for withholding tax. The system has been introduced through the Finance Act, 2022 by making amendment to the Income Tax Ordinance, 2001. The Federal Board of Revenue (FBR), the apex tax collecting agency of Pakistan, issued Income Tax Circular No. 15 of 2022/2023 to explain […]
ISLAMABAD: The Federal Board of Revenue (FBR) said that withholding tax for commercial importers has been enhanced to 3.5 per cent from 2 per cent. The FBR issued Income Tax Circular No. 15 of 2022/2023 to explain important amendments introduced through Finance Act, 2022 to the Income Tax Ordinance, 2001. READ MORE: Tax through electricity […]
ISLAMABAD: Federal Board of Revenue (FBR) is considering to withdraw more withholding tax provisions as it has already abolished a number of provisions. The FBR said it is contemplating reduction in number of withholding tax lines without compromising the documentation contribution of these taxes. “Nine withholding taxes have already been abolished and further reduction is […]
ISLAMABAD: An important change has been made to income tax rate on profit from national saving scheme through Finance Act, 2021. A person not appearing on the Active Taxpayers List (ATL) is liable to pay 30 per cent as withholding income tax on profit from saving schemes. The Central Directorate of National Savings (CDNS) in […]
ISLAMABAD: The levy of withholding tax to discourage on money on transfer of motor vehicles will continue beyond July 01, 2021. The Federal Board of Revenue (FBR) in an explanation to Finance Act, 2021 said that application of withholding tax on motor vehicles transferred without registration will continue during current fiscal year and onwards. The […]