FBR exempts withholding tax levy on non-filers paying premium on agri products


ISLAMABAD: Federal Board of Revenue (FBR) has exempted the withholding tax on premium payment by non-filers against insurance of agriculture products.
The FBR on Monday issued SRO 06(I)/2017 stating that the provisions of Section 236 would not apply to an insurance company collecting premium under: crop loan insurance scheme (CLIS); and Livestock insurance scheme (LIS).
Under Section 236U every insurance company is liable to collect advance tax at the time of collection of insurance premium from non-filers in respect of general insurance premium and life insurance premium.

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