Tag Archives: withholding tax

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.

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 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.