ISLAMABAD: The Federal Board of Revenue (FBR) is considering jacking up advance tax on motor vehicle registration in the coming budget whereby the rate of non-filers is proposed to be increased in the range of 10 to 35 percent on the basis of value of vehicles.
Some major and drastic changes are under consideration as currently the advance tax is charged on the basis of engine capacity. But now the Resource and Revenue Mobilization Commission (RRMC) has proposed the imposition of advance tax on the basis of value of vehicle. Under the proposed rate, the RRMC recommended to the government to slap a two percent advance tax for the corporate sector and three percent for the non-corporate sector and for those who appeared in the Active Taxpayers List for the last three years for motor vehicles having a value of up to Rs10 million.
The tax rate per person is proposed at 10 percent. For the value of motor vehicles from Rs10 million to Rs30 million, there will be tax at the rate of four percent and five percent for corporate and non-corporate sectors whereby they exist in ATL for the last three years.
For a vehicle valuing Rs30 to Rs 100 million, the proposed rate of tax will be six and seven percent respectively for corporate and non-corporate sectors. The tax rate for a person is proposed to be jacked up to 30 percent. For vehicles valued up to Rs100 million, the rate is proposed at 8 and 10 percent for corporate and non-corporate sectors respectively who exist in the ATL for the last three years. The proposed rate for a person will be 35 percent.
The RRMC had proposed transport sector subject to a minimum tax regime at the rate of 3 percent of the gross turnover, in cases of transport services provided to a withholding agent. Tax at 3.5 percent of the gross amount received is levied for rendering or providing carriage services by transport contractors. For an oil tanker contractor, the tax rate of 2.5 percent would apply.
Zia and her bitter rival, Prime Minister Sheikh Hasina, dominated the politics of the country for over four decades
24-year-old is leading Pakistan’s spin attack that has come under severe criticism for not taking wickets in middle...
Normalising relations with Zionist regime is reactionary, regressive move by any govt in Islamic world, Raisi says
Naqvi presented a bouquet and traditional sweets to the acting consul general
“I watched the main water tank, the plastic tanks melt away,” resident told public broadcaster ABC
Seral said that it was not yet final and could contain names of some of the victims who had already been found