Business
January 16, 2021
KARACHI: The Federal Board of Revenue saw withholding tax collection on cash withdrawal from banks increase seven percent during the first half of the current fiscal year of 2020/21 as resurgence in economic activities offset the concessions on levy given to active taxpayers, sources said on Friday.
According to statistics of Regional Tax Office Karachi, which has jurisdictions over collection of withholding tax on cash withdrawal from banking system, the collection under the head increased to Rs4.2 billion during the first half of the current fiscal year compared with Rs3.9 billion in the corresponding period of the last fiscal year.
FBR agrees to return Rs1bln to Sindh in tax controversy
Business
January 15, 2021
KARACHI: The Federal Board of Revenue (FBR) agreed to return Rs1 billion deducted from the Sindh treasury, making the provincial government pliant to resume collection of withholding tax on motor vehicle registration after three-month break, sources said on Thursday.
The sources said the Sindh Excise and Taxation Department resumed collection of withholding tax on registration of motor vehicles after the FBR agreed to return the amount as the first tranche of Rs5 billion.
The Sindh government stopped the collection of withholding tax at the time of registration of new motor vehicles in July last year after the FBR recovered an amount of Rs5 billion from the provincial bank account maintained at the federal level.
KARACHI: The Federal Board of Revenue has restarted its old automated sales tax refund system to handle claims of non-export sector in a move to divide load of its newly-launched technology that.