ISLAMABAD: The collection of withholding tax has sharply declined by 52 percent during tax year 2020 as the tax was abolished under this head for filers of income tax returns. According to... Read more »
ISLAMABAD: Withholding agents are required to file statement of deduction and collection on quarterly basis instead bi-annual. The change has been brought through Finance Act, 2020 by amending section 165 of the... Read more »
KARACHI: The government has granted withholding tax exemption on transfer of foreign remittances to Pak Rupee accounts. But tax experts said that bifurcating transactions for banks may not be practical. Overseas Investors... Read more »
ISLAMABAD: The Finance Bill, 2020 has proposed to withdraw withholding tax collection on nine different types of transactions under Income Tax Ordinance, 2001. According to budget commentary issued by PwC A F... Read more »
KARACHI: Tax practitioners have urged the Federal Board of Revenue (FBR) to ensure verification of tax withheld on the IRIS portal in order to facilitate taxpayers in making adjustment or claiming refunds.... Read more »
KARACHI: Regional Tax Office (RTO) – II Karachi has recommended revision in slab for withholding tax collection on purchase of new motor vehicles from next fiscal year. The RTO-II Karachi in its... Read more »
KARACHI: Federal Board of Revenue (FBR) has been advised to ensure Computerized Payment Receipt (CPR) for deposited withholding tax in order to avert chances of revenue leakages. Pakistan Business Council (PBC) in... Read more »
KARACHI: Federal Board of Revenue (FBR) has been recommended to abolish withholding tax on telecom services considering the rate is too high and a large segment of people living below poverty line.... Read more »
KARACHI: Federal Board of Revenue (FBR) has been proposed to rationalize of withholding tax on dividends as higher rate from equity investments discourage investment in the capital market. Pakistan Stock Exchange (PSX)... Read more »
KARACHI: Pakistan Stock Exchange (PSX) has proposed to reduce the rate of withholding tax in the gross income earned on margin financing transactions to 2.5 percent from existing 10 percent. The PSX... Read more »