Pakistan Revenue
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 […]
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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. […]
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KARACHI: Federal Board of Revenue (FBR) on Monday initiated a program of skill development of its officials to conduct system audit of withholding agents. A statement said that under the dynamic leadership of Syed Shabbar Zaidi, Chairman, FBR, a new initiative had been taken up by Faheem-ul-Haq, Director General (Withholding) and launched by Dr. Aftab […]
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ISLAMABAD: Federal Board of Revenue (FBR) has announced new rates of withholding sales tax after abolishing Sales Tax Special Procedure (Withholding) Rules, 2007. The FBR said that as Sales Tax Special Procedure (Withholding) Rules, 2007, have been rescinded, the rates of withholding and exclusions for the same have been provided in newly inserted Eleventh Schedule, […]
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KARACHI: Karachi Chamber of Commerce and Industry (KCCI) has hailed the decision of Federal Board of Revenue (FBR) to exempt withholding tax for yarn traders. In a statement issued on Monday President KCCI Junaid Esmail Makda appreciated the FBR for holding numerous meeting with KCCI and taking into consideration KCCI’s suggestion pertaining to exemption of […]
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ISLAMABAD: Federal Board of Revenue (FBR) has notified a new chapter for deduction and deposit of sales tax withholding on taxable goods and services. The rules shall apply from today or July 01, 2019. The FBR issued SRO 698(I)/2019 to amend Sales Tax Rules, 2006 to include Chapter XIV-D regarding withholding of sales tax by […]
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KARACHI: The Finance Bill 2019 has proposed a new schedule related to compliance with 100 percent increased withholding tax rates to persons not appearing on Active Taxpayers List (ATL). Deloitte Yousuf Adil, Chartered Accountants in their budget commentary said that the increased withholding tax rates specified under this schedule are inapplicable with respect to following […]
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KARACHI: Federal Board of Revenue (FBR) has been urged to reduce withholding tax rate to 0.2 percent for distributors of Fast Moving Consumer Goods (FMCG) companies as higher rate is increasing the cost of doing business. The Overseas Investors Chamber of Commerce and Industry (OICCI) in its tax proposals for budget 2019/2020, said that the […]
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ISLAMABAD: Federal Board of Revenue (FBR) is required to reduce number of withholding provisions to strengthen the income tax and take out this system from indirect taxes. According to funding approved by the World Bank for Pakistan Revenue Mobilization Project, the FBR is required to reduce the scope of withholding regime. The World Bank said […]
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KARACHI: The electricity supply company shall collect advance tax from industrial and commercial consumer as per updated withholding tax card for tax year 2019 issued after amendments made to Income Tax Ordinance, 2001 through Finance Supplementary (Second Amendment) Act, 2019. Federal Board of Revenue (FBR) issued following withholding tax rates under Section 235 of Income […]
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