Thursday, 30 March 2023
Trending
Apple IPhone XS Max PTA and Import TAX in Pakistan | Non PTA price in Pakistan 8009 Nadra family verification system | 8009 Nadra online check | 8009 sms Nadra Lesco Bill Check Online 2022 | How to Get Lesco Duplicate Bill Online 1500 Prize Bond Draw List 15 August 2022 How to Check and Verify Vehicle Ownership | Car Registration Online Check Prize Bond 750 list 2022 | Prize Bond Schedule 2022 How to Check Number of Mobile SIMs Issued Against Your CNIC 750 Prize Bond List 2022 | Prize Bond Schedule 2022 200 Prize Bond Draw List 2022 15th March 2022 – Prize Bond Draw Schedule Dates and Results 2022 State Bank of Pakistan Extends Banking Hours for Tax Collection | FBR Tax Recovery Target Tax on Agricultural Income in Pakistan FBR notifies Gabd (Gwadar) as TIR Border Crossing Point How to Make Money on Amazon in Pakistan Extension in Date of Submission of Sales Tax Return Hyundai SUV Price Hike National Assembly Issued Orders of the Day for Budget Date & Time Withdrawal Of 15,000 & 7,500 Denomination National Prize Bonds From Circulation Sri Lanka Charged Tax on Vehicles Crashed in Road Accidents Weekly Tax Updates: January 10 2021 Sales tax rates | Third Schedule goods | Eighth Schedule goods | Retail price | Reduced rate of sales tax Top tax havens around the world Modi's rating of five Pakistani banks is confirmed to be stable No More Income Tax on Educational Fees Under Section 236I FBR upgrades FASTER to FASTER PLUS system for issuance of Refunds Free Income Tax Filing Programs in 2021 in America Dollar Hits Double Century against Pakistani Rupee 2022 Draft Income Tax Returns Forms for Salaried, AOPs, and Companies Tax Year 2022 FBR Lucky Draw Result 15 May 2022 Winners List | FBR Point of Sales (POS) Prize Scheme FBR announced Regional interview committees for appointment of advocates on the panel of FBR Lahore High Court dismisses plea against ban on Rs 7,500 prize bond Taxpayer NTN Profile Inquiry SBP launches digital cheques clearing and unified QR Code System How to become active tax filer in FBR in 2022 FBR's new deadline for big retailers to integrate with POS system to avoid disallowance of input tax FBR launches prize scheme for customers of tier1 integrated retailers Massive increase in profitability of listed companies State Bank releases Annual Payment Systems Review for Financial Year 20-21 How to Calculate Income Tax on Salary in Pakistan in 2022 Most expensive restaurant in Lahore List of exemptions from total income withdrawn through Second Amendment Ordinance 200 Prize Bond List 2022 | Prize Bond Draw Schedule 2022 Govt Preparing to Increase Consumption of Electric Vehicles by Reducing Taxes and Prices Federal Board of Revenue alerts Taxpayers about Fake and Harmful Emails FBR extends date for filing sales tax & Federal excise return for April 2021 Which countries tax their citizens the most? How to become active tax filer in FBR FBR sealed Jazz head office for non-payment of taxes FBR to deny 60 % Input Tax to Non-Integrated Tier-1 Retailers MoU Signed: CAP assured FBR to integrate all retailers tills/PoS by November 30, 2020 Legal and Operational Issues with National Single Sales Tax Return
BUDGET

Omission and merger of withholding tax provisions in finance act 2021

By

Omission of withholding tax provisions

There were 38 withholding tax provisions in the Income Tax Ordinance, 2001. This high number of provisions adds to complexity and creates undue burden of compliance on different withholding agents. It also impacts country’s rating on the ease of doing business index. In an effort to augment ease of business and simplify the tax laws following withholding taxes have been omitted.

ProvisionDescriptionSector
153BCollection of tax on payment of royalty to residentsRoyalty
231ACollection of tax on cash withdrawalBanking Sector
231AACollection of tax on banking instrumentsBanking Sector
236PCollection of tax on banking transactions other than
through cash		Banking Sector
236YCollection of tax from persons remitting amounts abroad through credit or debit or prepaid cards.Banking Sector
236BCollection of tax on domestic air travelAirlines
236LCollection of tax on international air travelAirlines
236VCollection of tax on extraction of mineralsMining Sector
233ACollection of tax from members by a stock exchange
registered in Pakistan		Capital Market
233AACollection of tax on marginal financing by NCCPLCapital Market
234ACollection of tax from CNG stationsCNG Sector
236HACollection of tax on certain petroleum productsCertain
petroleum
products
Omission of withholding tax provisions

Merger of withholding tax provisions

Additionally, following withholding tax provisions have been merged with other provisions to reduce complexity of law:

ProvisionDescriptionMerged with
150ADeduction of tax on return on
investment in Sukuks		Merged in section 151 for residents
and in section 152 for non-residents
which deal with such payments
152ADeduction of tax on payments
for foreign produced
commercials		Merged with section 152 which deals
with payments to non-residents
236SCollection of tax on dividend in
specie		Merged with section 150 which deals
with dividend
Merger of withholding tax provisions
Top Tax Consultants Tax Return submission Last Date
Ads:

Omissions | Merger | Withholding Tax Rates | Tax Provisions | FBR | Federal Board of Revenue | IRS | Income Tax Returns |

Related posts
BUDGET

Mini Budget to Present before Parliament Today

By
Table of Contents Mini Budget to Present before Parliament Today Mini Budget to Present before…
Read more
BUDGET

What is Latest Tax to GDP Ratio of Pakistan

By
Table of Contents What is Latest Tax to GDP Ratio of PakistanWhat is the tax GDP ratio?What are the…
Read more
BUDGET

What FBR achieved in the First Quarter of 2023

By
Table of Contents What FBR achieved in the First Quarter of 2023According to FBR the tax targets…
Read more
Newsletter
Subscribe Now

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