withholding tax Archives - Page 8 of 8

PBC suggests measures for broadening tax base by enhancing withholding tax rates on non-filers, unregistered persons

May 6, 2019April 2, 2021Faisal Shahnawaz

KARACHI: Pakistan Business Council (PBC) has suggested measures for broadening tax base through enhancing withholding tax rates on non-filers and unregistered persons in various sectors. The PBC – the advisory council of large corporate entities – in its budget proposals for 2019/2020 said that the concept of separate withholding tax rates for filers and non-filers […]

Deduction of withholding tax on phone cards begins

April 27, 2019April 5, 2021Faisal Shahnawaz

ISLAMABAD: Federal Board of Revenue (FBR) has started collecting withholding tax on phone cards on Friday following the judgment of the Supreme Court of Pakistan (SCP). The apex court a day earlier in its judgment said that it would not interfere the taxation matter. The superior court itself suspended the taxation on phone cards in […]

Withholding tax rates on imports updated through Finance Supplementary (Second Amendment) Act 2019

April 25, 2019April 5, 2021Faisal Shahnawaz

KARACHI: Federal Board of Revenue (FBR) issued withholding tax rates on imports for tax year 2019 updated as per Finance Supplementary (Second Amendment) Act, 2019. The withholding tax rates updated up to March 09, 2019 on import under Section 148 of Income Tax Ordinance, 2001 as follow: The collector of customs shall collect withholding tax […]

Withholding tax rate on telephone cards

April 24, 2019April 5, 2021Faisal Shahnawaz

KARACHI: The decision of Supreme Court of Pakistan has paved way for Federal Board of Revenue (FBR) to collect withholding tax on telephone usages under Section 236 of Income Tax Ordinance, 2001. The apex court on Wednesday restored taxes on pay cards to use mobile phone services. The court suspended the levy of taxes on […]

Many withholding tax provisions to be abolished in budget

April 9, 2019April 14, 2021Faisal Shahnawaz

ISLAMABAD: The government has intended to abolish large number of withholding tax provisions in the budget. According to Medium-Term Economic Framework (MTEF), which was launched by Finance Minister Asad Umar on Monday, pointed out that withholding taxes become regressive if people who are not liable to income taxes and/or if firms treat them as consumption […]

Procedure to avail reduced income tax rate on import of raw material

January 22, 2019May 5, 2025Hamza Shahnawaz1 Comment

KARACHI – The Federal Board of Revenue (FBR) has introduced a streamlined procedure for taxpayers to apply for the reduced rate of withholding income tax on the import of raw materials through the online system, Iris.

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