Pakistan Revenue
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 […]
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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 […]
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KARACHI: Federal Board of Revenue (FBR) has said that income tax from salary is an important source of revenue the world over. The real potential is much higher than the present collection, according to an official document. Monitoring of withholding tax on salaries is a regular feature. Nevertheless, there is scope for further improvement in […]
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KARACHI: The field offices of Federal Board of Revenue (FBR) have been advised to focus on aggressive monitoring on corporate executives / directors with income above certain levels. “Their [executives/directors] tax accounts are usually kept separate and not shared with even ordinary management,” according to an official document related to withholding taxes said. “Enforcement should […]
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KARACHI: Educational institutions have provided details of persons paying over Rs200,000 annual fee to Federal Board of Revenue (FBR). Sources in the FBR said that the educational institutions had provided the details of persons paying annual fee of above Rs200,000 along with the withholding tax statement for the period July – December 2019. They said […]
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ISLAMABAD: Federal Board of Revenue (FBR) has directed educational institutions to provide details of persons paying annual fee above Rs200,000 in next three days. Sources in FBR said that educational institutions including schools, colleges, universities, tuition centers, technical institutions etc. had been asked to provide details of parents or individuals paying annual fee above Rs200,000 […]
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ISLAMABAD: Federal Board of Revenue (FBR) has incurred loss of Rs55 billion due to restriction imposed by Supreme Court of Pakistan on collection of tax on phone services. The FBR in its year book 2018-2019, said that during the last fiscal year it had missed the revenue collection target by Rs321.5 billion due to various […]
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KARACHI: Federal Board of Revenue (FBR) has notified withholding sales tax rates to be deducted / collected on various supplies by withholding agents. The FBR recently updated Sales Tax Act, 1990 and updated sales tax rates to be collected on various supplies under sub-section 7 of section 3 of the Act. The tax shall be […]
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KARACHI: The income tax collection from salary income has witnessed sharp decline of 43 percent during fiscal year 2018/2019 due to significant concession granted in the budget of election year. State Bank of Pakistan (SBP) in its annual report on State of Pakistan Economy 2018/2019, revealed that withholding income tax fell 43 percent to Rs76.4 […]
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KARACHI: The collection of withholding tax from profit on bank deposits registered unprecedented growth of 194 percent during first quarter of first fiscal year as the tax rates increased by 100 percent for persons not on the Active Taxpayers List (ATL). Sources in Regional Tax Office (RTO) –II Karachi said that the withholding tax collection […]
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