Taxpayers unable to e-file withholding tax statements
KARACHI: FBR’s IT wing, Pakistan Revenue Automation Limited (PRAL) has not been able to fix the bugs in the system due to which a large number of taxpayers are unable…
Tax amnesty scheme brings filers on ATL in 72 hours
KARACHI: The traders opting for voluntary tax compliance scheme (tax amnesty scheme) would be included in the Active Taxpayers List (ATL) within 72 hoursand they would be entitled to all…
Tribunal declares orders by custom hierarchy in “breach of natural justice, law”
KARACHI: The Customs Appellate Tribunal, bench I comprising Muhammad Nadeem Qureshi, Member Judicial (I) and Muhammad Yahya, Member Technical (I) deciding an appeal filed by Asif Textile Trading held that…
Sales Tax registration of retailers having Rs5.0 million turnover no longer binding
KARACHI: The Sales Tax Committee, one of the three committees constituted by the government last week to facilitate talks and resolve issues facing the business community, has dispelled the fears…
Govt to further consult chambers, trade bodies to resolve WHT issues
KARACHI: The government is having consultation with all leading chambers and trade bodies to take their input and suggestions for resolving the issues concerning withholding tax (WHT) on bank instruments…
FBR explains new withholding tax provisions applicable to banking companies
KARACHI: The Federal Board of Revenue (FBR) has issued explanation regarding new withholding tax provisions applicable to banking companies. Banking instruments and channels are used to acquire assets and incur…
Withholding tax on banking transactions reduced to 0.3 percent
KARACHI: The Federal Finance Minister Ishaq Dar has announced to reduce the withholding tax on all banking transactions exceeding Rs50,000 from 0.6 percent to 0.3 percent. The decision was taken…