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.
KARACHI: Federal Board of Revenue (FBR) has been proposed to revamped withholding tax regime and reduced the number of withholding tax rates to maximum five. Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for fiscal year 2020/2021 highlighted withholding tax as one of the key irritant for compliant tax payer. It said […]
ISLAMABAD: CEO Jazz Aamir Ibrahim has said that abolishing withholding tax on phone service will benefit consumers. He said at a meeting with federal minister for IT and Telecommunication Syed Amin Ul Haque on Wednesday. AFederal Minister for IT and Telecommunication Syed Amin Ul Haque has said that the issues of cellular mobile operators will […]
KARACHI: Pakistan Business Council (PBC) has suggested the tax authorities to exempt withholding tax at import stage for avoiding generation of tax refunds and expansion of industry. In its proposals for budget 2020/2021, the PBC recommended exemption from collection of withholding tax under section 148 at import stage and exemption for manufacturing concerns under Section […]
ISLAMABAD: The collection of withholding tax from phone subscribers registered a phenomenal increase of 630 percent to Rs27 billion during first half of the current fiscal year, according to data made available to PkRevenue.com The sources in Federal Board of Revenue (FBR) told that the restoration of withholding tax on phone usage by the Supreme […]
ISLAMABAD: The Committee on Issues of Cellular Mobile Operators has agreed to prepare proposals for withdrawal of withholding tax as a relief for cellular consumers in the wake of coronavirus outbreak. First meeting of the Committee on Issues of Cellular Mobile Operators was held here on Monday. Federal Secretary Ministry of IT Shoaib Ahmad Siddiqui […]
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved exemption from withholding tax on transfer of remittances into bank accounts. The ECC approved at the meeting on Wednesday chaired by Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh. The ECC approved that the amount of the remittances transferred into bank accounts […]
KARACHI: Persons who have failed to submit their annual income tax returns and declaration of assets for tax year 2019 will pay 100 percent additional withholding tax on certain transactions, sources in Federal Board of Revenue (FBR) said on Monday. They said that those taxpayers availing the benefit of reduced rate of withholding tax on […]
KARACHI: Federal Board of Revenue (FBR) has not allowed deduction of service charges by withholding agents for collecting/deducing withholding tax on behalf of the federal tax authority. According to an official document, under the Income Tax Ordinance, 2001 the withholding agents are not entitled to receive any service charges for collection or deduction of tax […]
KARACHI: The officers of Inland Revenue to access online system of customs clearance for monitoring of withholding tax collected from importers. The sources in Federal Board of Revenue (FBR) said that the Collectors of Customs of Sea Ports/Dry Ports are obliged to collect withholding tax on imports as per prescribed rates. In the case of […]