Pakistan Revenue
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 […]
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A significant alteration to the income tax rate on profits from national saving schemes has been introduced through the Finance Act, 2021. As of July 01, 2021, individuals not listed on the Active Taxpayers List (ATL) are now subject to a 30% withholding income tax rate on profits earned from saving schemes.
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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 […]
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ISLAMABAD: The Federal Board of Revenue (FBR) has said that withholding tax rates for industrial and commercial consumers have been revised. Withholding tax on domestic electricity consumption was collected at the flat rate of 7.5% if the monthly domestic electricity bill exceeded Rs. 75,000. In order to promote documentation and broadening of tax base this […]
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KARACHI: The application of withholding tax on cars / motor vehicles that are sold without registration shall pay additional withholding income tax. According to the Finance Bill, 2021 the withholding tax in addition to registration/transfer would be applicable and the same would be collected by the motor vehicle registration authority of Excise and Taxation Department […]
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ISLAMABAD: The government has announced abolishing duty and taxes on locally manufactured and imported cars with engine capacity up to 850cc to enable low earning families to afford motor vehicles. Finance Minister Shaukat Tarin while presenting federal #budget 2021/2022 on Friday announced duty and tax incentives for sale and import of motor cars with engine […]
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KARACHI: Collection of withholding tax has registered 91 percent increase to Rs11.5 billion during April 2021 as compared with Rs6 billion in the same month of the last year, according to statistics of Large Taxpayers Office (LTO) Karachi. The phenomenal growth has been attributed to significant decline in number of active taxpayers for tax year […]
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ISLAMABAD: The collection of withholding tax on registration of new cars has declined by around 39 percent in tax year 2020 due coronavirus pandemic that has lowered the sales of locally assembled motor vehicles. According to details released by Federal Board of Revenue (FBR) the collection of withholding tax fell to Rs5.88 billion in tax […]
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KARACHI: The tax authorities have collected Rs1.53 billion as withholding tax from new car sales and registration during seven months (July – January) of the current fiscal year. The Inland Revenue offices of the Federal Board of Revenue (FBR) located in Karachi have collected Rs1.53 billion as withholding tax on new car sales and registration […]
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KARACHI: A bank has deducted irrationally a huge amount as withholding tax from transactions made by an account holder.
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