According to the official news, on Monday FBR (The Federal Board of Revenue) announced to stop withholding taxes on bank transactions & the purchase of used cars, as well as on domestic & international air travel, CNG and minerals.
The FBR has abolished the withholding taxes under the Funding for The Act 2021 which has proposed to eliminate over 12 different stipulations of withholding taxes to give relief to the people.
As per the details of the notification issued by FBR, there will no withholding tax on transmitting the money abroad via credit or debit cards at the same time that consumers buying new cars will be needed to register the vehicles in their names or else, they will be penalized Rs. 200,000.
FBR has also announced it necessary for businesspersons to have Business Accounts, which should be declared as well, to guarantee the documentation of the economy.
Not showing and not declaring taxable income will now result to arrest as now the FBR will identify tax dodging through a third party.
Apart From That, FBR has also eradicated withholding taxes on domestic and international air journeys, CNG, & minerals.
Forms to submit tax returns for FY2021 are available on the FBR website and the Tax Asaan mobile application. While The deadline to file tax returns is 30 September.
