The data revealed that the Federal Board of Revenue (FBR) collected Rs24.5 billion from withholding tax
collection from banking deposits.
2-98, as amended, and implementing provisions or amendments introduced by the Tax Reform for Acceleration and Inclusion (TRAIN) Law relative to withholding taxes
. One significant change introduced by RR No.
Under section J/236 of the Income Tax Ordinance, the FBR receives withholding tax
from dealers and commission agents trading at fodder, fruit and vegetable markets across the country.
When I went to pay the vehicle tax for the year 2019 to 2020, I was told that I needed to pay the withholding tax
again along with the road tax.
FBR said that filers no longer have to pay withholding tax
on bank transactions.
The clarification from the revenue board came after reports did the rounds on social media claiming that a0.6% withholding tax
had been imposed on non-filers on withdrawal of cash amounting to over Rs25,000.
In a statement, Dominguez said yesterday that the new regulation also lowers the current withholding tax
on the interest income on the refund paid to non-residential Meralco customers.
However, to promote compliance with tax laws, the withholding tax
rates for non-filers on such registration is proposed to be enhanced by 50% of existing rates.
Francis Kozah, Legal Adviser to the revenue agency told the News Agency of Nigeria (NAN) in Kaduna that the N2.3 billion was the total withholding tax
the banks failed to remit to government between 2011 and 2016.
A report revealed that the federal government has given the immunity from withholding tax
to eight green leaf threshing(GLT) units functioning in KP.
'Under which law, sales and withholding taxes
are being charged?' Chief Justice Mian Saqib Nisar inquired while hearing the suo moto case against charging high margin of taxes by the cellular companies.