Tag Archives: withholding tax

WHT on banking transactions fails to discourage cash economy: SBP

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KARACHI: State Bank of Pakistan (SBP) on Thursday said that the imposition of withholding tax on banking transactions apparently failed to discourage the cash economy.

Reduced withholding tax rate on non-filers to be extended till Dec 31

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ISLAMABAD: The government has decided to continue the imposition of reduced rate of withholding tax on non-cash banking transactions made by non-filers till December 31, 2017.

Raising withholding, petroleum taxes to help enhancing tax-to-GDP ratio: IMF

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ISLAMABAD: International Monetary Fund (IMF) has advised Pakistan for raising petroleum taxes and withholding taxes for increasing tax-to-GDP ratio.

FBR extends imposition of 0.4pc withholding tax rate on non-filers

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ISLAMABAD: Federal Board of Revenue (FBR) has extended the imposition of withholding tax on non-cash banking transactions by non-filers up to September 30, 2017 from July 01, 2017.

Withholding tax exempted on cash withdrawal by branchless banking agents

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ISLAMABAD: The government has exempted the levy of withholding tax on cash withdrawal by branchless banking agents in order to promote financial inclusion.

FBR launches digital directory to monitor withholding agents

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ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday launched digital directory in order to tighten noose around non-compliant withholding agents and with aim to increase revenue collection as well as broadening the tax base.

Exempt amount for withholding tax deduction to be increased to Rs100,000 per day transaction in budget 2017/2018

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KARACHI: The government has agreed to enhance the amount of per day transactions by non-filers of income tax returns to Rs100,000 for deduction of withholding tax in the budget 2017/2018, Ashraf Mahmood Wathra, Governor, State Bank of Pakistan (SBP) said on Monday.

Retail sector’s deposits fall by around 15pc since imposition of withholding tax on non-cash transactions

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KARACHI: Bank deposits of retail sector has declined by around 15 percent since imposition of withholding tax on non-cash banking transactions.

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.