Tag Archives: withholding tax

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.

SBP stresses need for resolving tax conflicts to promote financial inclusion

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KARACHI: State Bank of Pakistan (SBP) has stressed the need to resolve tax conflicts to promote financial services in the country. In its annual report for fiscal year 2015/2016 issued on Thursday, the SBP said that the government policy of broadening the tax base had bearings on financial inclusion.

FBR achieves collection target first time in 7 years; bulk revenue comes from withholding taxes: SBP

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KARACHI: Federal Board of Revenue (FBR) has surpassed revenue target by collecting Rs3,112 billion during 2015/2016, which is the first time in seven years. However, bulk of revenue collection remained come from withholding taxes.

Pakistan Customs directed to accept exemption certificates issued by Gilgit Baltistan Inland Revenue

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ISLAMABAD: Federal Board of Revenue (FBR) has directed Pakistan Customs to accept certificate for exemption from income tax on import issued by Inland Revenue Gilgit Baltistan.

Withholding tax not sole reason for slowdown in bank deposits growth: SBP

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KARACHI: State Bank of Pakistan (SBP) on Thursday said that imposition of withholding tax on cash transactions is not sole reason for deceleration in deposits growth of banking system.

FBR may withdraw sales tax withholding for registered persons

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KARACHI: Federal Board of Revenue (FBR) is considering to withdraw the provisions of withholding sales tax for registered persons following the implementation of new sales tax and federal excise returns.