Salary tax potential much higher than existing collection: FBR

Feb 16

Taxation

Salary tax potential much higher than existing collection: FBR

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 […]

by Mrs. Anjum Shahnawaz

Income of corporate executives, directors needs aggressive monitoring

Feb 16

Taxation

Income of corporate executives, directors needs aggressive monitoring

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 […]

by Mrs. Anjum Shahnawaz

Educational institutions share information of persons paying annual fee above Rs200,000

Feb 7

Taxation

Educational institutions share information of persons paying annual fee above Rs200,000

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 […]

by Mrs. Anjum Shahnawaz

FBR directs education institutions to provide details of persons paying annual fee above Rs200,000

Jan 27

Taxation

FBR directs education institutions to provide details of persons paying annual fee above Rs200,000

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 […]

by Mrs. Anjum Shahnawaz

Court restriction on telecom tax costs Rs55 billion: FBR

Nov 16

Taxation

Court restriction on telecom tax costs Rs55 billion: FBR

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 […]

by Mrs. Anjum Shahnawaz

Applicable withholding sales tax rates on various supplies

Nov 11

Taxation

Applicable withholding sales tax rates on various supplies

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 […]

by Mrs. Anjum Shahnawaz

Tax collection from salary income plunges by 43pc: State Bank

Oct 30

Taxation

Tax collection from salary income plunges by 43pc: State Bank

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 […]

by Mrs. Anjum Shahnawaz

Withholding tax collection on profit from bank deposits surges by 194pc

Oct 24

Exclusive, Taxation

Withholding tax collection on profit from bank deposits surges by 194pc

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 […]

by Mrs. Anjum Shahnawaz

FBR acquires information of motor vehicle purchasers

Oct 11

Taxation

FBR acquires information of motor vehicle purchasers

KARACHI: Federal Board of Revenue (FBR) has asked motor vehicle registration authorities and car manufacturers to provide information of persons, who are registration or purchasing motor vehicles. The FBR has advised motor vehicle registration authorities and manufacturers of motor vehicles to provide details of persons whose withholding tax was deducted under Section 231B at the […]

by Mrs. Anjum Shahnawaz

Salary persons should obtain withholding income tax deduction certificates to get refund/adjustment

Sep 14

Taxation

Salary persons should obtain withholding income tax deduction certificates to get refund/adjustment

KARACHI: Salary persons having above threshold income for tax year 2019 should obtain certificates of withholding tax in order to get refund / adjustment after filing annual income tax returns. There are many provisions of withholding taxes under Income Tax Ordinance, 2001 where withholding agents deduct tax, which are adjustable against tax liability of taxpayers. […]

by Mrs. Anjum Shahnawaz