Tag Archives: withholding tax

ECC allows withholding tax exemption on dividends to transmission line projects

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ISLAMABAD: The government has allowed exemption from withholding tax on dividends to electricity transmission line projects.

FBR decides obtaining non-filers, non-complaint taxpayers’ information from SBP

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KARACHI: Federal Board of Revenue (FBR) has decided to take help from State Bank of Pakistan (SBP) for retrieving data of filers and non-filers of income tax returns, whose tax deducted by banks on transaction of cash and non-cash transactions.

Taxpayers can adjust or claim refund against tax paid on motor vehicle registration, transfer or purchase

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KARACHI: Taxpayers paying advance tax on purchase, transfer or registration of motor vehicles are entitled to claim refund or adjust against their payable liabilities.

FBR plans online monitoring of motor vehicle payments

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ISLAMABAD: Federal Board of Revenue (FBR) has planned to tighten nose around undocumented payments on car purchase and it this connection it is establishing connectivity with provincial excise and taxation departments to retrieve online data.

FBR extends 0.4pc withholding tax on non-filers

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ISLAMABAD: Federal Board of Revenue (FBR) on Monday issued a notification to further extend the implementation of reduced withholding tax rate on non-cash banking transactions.

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

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ISLAMABAD: Federal Board of Revenue (FBR) has exempted the withholding tax on premium payment by non-filers against insurance of agriculture products.

Expanding withholding tax share has strong implications for low income people: SBP

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KARACHI: State Bank of Pakistan (SBP) has said that expanding withholding tax share in total revenue collection has strong implications for low income people.

Investments in high denomination prize bonds increase sharply to avoid withholding tax

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KARACHI: The use of large denomination prize bonds has increased sharply to avoid deduction of withholding tax on non-cash banking transaction and escape from declaring the undocumented income.

Withholding tax on non-cash banking transactions increases Prize Bonds demand: SBP

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KARACHI: State Bank of Pakistan (SBP) has admitted that the levy of withholding tax on non-cash banking transactions increased the use of prize bonds.

People prefer hard cash transactions to avoid withholding tax: SBP report

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KARACHI: State Bank of Pakistan (SBP) has expressed concerns over higher currency growth in fiscal year 2015/2016 and said it seems people preference has shifted in favor of currency instead of deposits. The SBP attributed the phenomenal currency growth to imposition of withholding tax on non-cash banking transactions.