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Investors need to present profit proof for tax incentive
Business
February 6, 2021
KARACHI: Financial institutions are demanding certificates of proof from investors that show they receive less than Rs500,000 profit on debt in a year if they want to avail reduced income tax rates, sources said on Friday.
The sources said financial institutions asked recipients of profit on debt to furnish certificate of annual profits of less than Rs500,000 to avail the reduced rate of income tax on return on investment.
The financial institutions, including banks and other payers of profit on debt are acquiring such certificates from their customers to get the tax incentive.
FBR to impose ‘heavy’ penalties on sugar mills
Business
January 30, 2021
KARACHI: The Federal Board of Revenue (FBR) has decided to impose ‘heavy’ penalties on sugar mills if they fail to connect their facilities through real-time video links with the tax authority, it said on Friday.
The FBR warned sugar mills and vendors who install video analytics system (VAS) to get the task done by January 31 otherwise they would face heavy penalties from February.
The FBR issued instructions to chief commissioners having jurisdictions to impose penalty on non-compliant sugar mills. The FBR also issued warning to the selected vendors of fine and penalties on non-compliance.
KARACHI: The Federal Board of Revenue on Friday directed sugar mills to install video surveillance cameras by January 15 to avoid penal action. Earlier, the sugar mills were required to make.
Business
December 25, 2020
KARACHI: Withholding income tax collection from non-cash banking transactions increased 10 percent during the first five months of the current fiscal year owing to accelerated economic activities following the lifting of the coronavirus lockdown, sources said on Thursday.
The collection of withholding tax on non-cash banking transactions increased to Rs3.3 billion during first five months of the current fiscal year. That was compared with Rs3.01 billion in the corresponding months of the last fiscal year, according to official statistics of Large Taxpayers Office Karachi.
The sources said the economic activities restored during the period after lifting of coronavirus lockdown and the banking system witnessed significant transactions.