Friday, June 2, 2023

Private Agents (Non-FBR) Collect Rs.734 Billion in Taxes in 5 Months

In the first five months of the current fiscal year, withholding agents—most of whom are private individuals—collected Rs734 billion, or two-thirds of all the income tax, making them larger tax collectors than privileged taxmen.
According to data compiled by the Federal Board of Revenue, the most income tax was collected from contractors, consultants, importers, saving account holders, salaried individuals, and industrial and commercial power consumers (FBR).

Those who are not FBR workers collected Rs734 billion of the Rs1.1 trillion collected by the FBR on account of income tax between July and November. The amount paid by taxpayers as advance income tax is in excess of this collection.
Income tax collection on outbound money transactions performed using debit and credit cards increased by a startling 3,100%. If you use a credit card to make an overseas purchase, the government will charge you up to 2% in tax.

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