The Federal Board of Revenue (FBR) has abolished withholding taxes on bank transactions and the purchase of used cars.
The FBR has withdrawn the withholding taxes under the Finance Bill 2021 which has proposed to abolish around 12 different provisions of withholding taxes to provide relief to the masses.
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According to details, there will no withholding tax on sending money abroad through credit or debit cards while consumers purchasing new cars will be required to register the vehicles in their names otherwise, they will be fined Rs. 200,000.
Besides, FBR has also abolished withholding taxes on domestic and international air travel, CNG, and minerals.
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FBR has also made it compulsory for businessmen to have Business Accounts, which must be declared as well, to ensure the documentation of the economy. Hiding taxable income will now lead to arrest as the FBR will now identify tax evasion through a third party.
Forms to submit tax returns for FY2021 are available on the FBR website and the Tax Asaan mobile application. The deadline to file tax returns is 30 September.
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