Federal Board of Revenue (FBR) has issued updated rates of withholding income tax on petroleum products after incorporating amendments made through Finance Act, 2021.
The FBR collects withholding tax on sale of petroleum products under Section 156A of the Income Tax Ordinance, 2001.
WITHHOLDING TAX CARD 2021-2022
The tax rate at 12 per cent shall be collected by every person selling petroleum product from petrol pump operators at the time the commission is actually paid.
The rate of tax shall be increased by 100 per cent or 24 per cent if person is not appearing on the Active Taxpayers List (ATL).
The tax collected/deducted is final tax liability.