A tax official said that currently the withholding tax rate was 10pc on profits of NSS while 5pc tax will have to be deposited at the time of depositing income tax returns. Dawn/File
ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday announced that the rate of withholding tax on profit of national savings schemes (NSS) will be 15 per cent effective from July 1, 2021.
According to a circular, the rate will be available only to those people who are on the Active Taxpayers List (ATL). The rate will be 30pc for those who are not on the ATL.
Pakistan reduces profit rates on National Savings schemes
They will be applicable from May 19 SAMAA | Shakeel Ahmed - Posted: May 18, 2021 | Last Updated: 3 days ago SAMAA | Shakeel Ahmed Posted: May 18, 2021 | Last Updated: 3 days ago
Photo: SAMAA Digital
The government has reduced profit rates on National Savings schemes, the Ministry of Finance said in a notification Tuesday.
The profit on Shuhada Family Welfare Accounts and Pensioners
Benefit Accounts has been reduced to 11.04% from 11.52%, according to the
notification.
The government has reduced the profit on Regular Income
Certificates by Rs600 to Rs7,200.
Short-term Savings Certificates worth Rs500,000 have their
profit slashed by Rs500, the notification read. People having these
National Saving Certificate Latest Profit Rates 2021
National Saving Certificate profit rates increased by the Finance Ministry. The new rates will come into effect from January 21. Check out the details of the increases below.
For those who do not know, National Saving Schemes certificates have vital importance for the country’s citizens. These saving schemes enable people to deposit their savings and receive a percentage of profit each month. With the help of it, many retired and senior citizens have been able to live independently. According to the recently issued revised list of profits by the Finance Minister, there is surely great news for national saving account holders. The government has issued a revised national saving certificate profit policy by increasing the profit percentage for different national certificates.
The rate of return on savings accounts remains unchanged at 5.5pc. Reuters/File
ISLAMABAD: The government on Thursday revised upward profit rates on all national saving schemes and accounts of the Central Directorate of National Savings. The new rates will be applicable to deposits and investment with effect from January 21.
According to several notifications issued by the finance ministry, profit on Defence Savings Certificate has been increased by 0.93 percentage points to 9.42pc from 8.49pc. The DSC rate had been steadily on the rise since July 1, 2018 and it peaked to 13.01pc in October 2019.
The rate of return on Behbood Savings Certificate has been increased by 0.96 percentage points to 11.28pc from 10.32pc. On May 1, 2018, the BSC rate was 10.08pc that reached 14.76pc in October 2019.
Profit rates on National Saving Schemes certificates increased
Pakistan
Profit rate on savings account to remain at 5.5%
New rates to come into effect from January 21
The Finance Minister on Thursday issued a revised list of profit rates on various National Saving Schemes certificates.
According to the new rates, the profit on the Defence Saving Certificate has been revised to 9.42% from 8.49%. Likewise, profit on Regular Income Certificates has increased to 9% from 8.04%.
The profit rate on the Special Savings Certificate has increased from 7.77% to 7.97%, while the Behbood Savings Certificates profit rate has increased to 11.28% from 10.32%.
The profit rate has also been increased on Pensioners Benefit Accounts to 11.28% from 10.32%. The profit rate has also increased on the Shuhada Family Welfare Account to 11.28% from 10.32%.