Tax Practitioners Urged FBR to issue FTNs against Withholding tax Deduction

Tax practitioners have urged the Federal Board of Revenue (FBR) to issue Free Tax Numbers (FTNs) to persons who are not liable for withholding tax.

In its proposals for budget 2021/2022, the Karachi Tax Bar Association (KTBA) said. That Section 49(3) of the Income Tax Ordinance, 2001 has specified. That payment received by the Federal, Provincial or a Local Government shall not liable to any deduction of advance tax.

FBR should issue a separate list of Free Tax Numbers (FTNs). Who are not liable to tax withholding as provided under section 49(3) of the Ordinance through a S.R.O.

The KTBA said that this will assist the withholding agents and save considerable time in deciding. Whether a respective FTN holder required to produce exemption certificate or not.

tax accounting services top tax consultants lahore pakistan

What is Free Tax Number ?

FTN” means Free Tax Number issued by the Federal Board of Revenue to persons who are otherwise exempt from holding National Tax Number (NTN) for the purposes of identification

Free Tax Number | FTN | Withholding Tax | Tax Deduction | FBR | Federal Board of Revenue | Exemption |

Related posts

Happy Independence Day Pakistan 14 August 2022

Table of Contents On which Day Pakistan Got Independence?History of Pakistani Independence DayHow…
Read more

What are Latest Tax Accountant Job Description in 2022

Table of Contents What are Latest Tax Accountant Job Description in 2022What is the difference…
Read more

How to Check LESCO Bill Duplicate Online

Table of Contents How to Check LESCO Bill Duplicate OnlineArea covered by LESCOElectricity price in…
Read more
Subscribe Now

Sign up for  Daily Digest and get the best of News for you.

    1 Comment

    Leave a Reply

    Your email address will not be published.