KARACHI: The Federal Board of Revenue (FBR) has announced to decrease default surcharge by 3 percent. Prior to this, the default surcharge was being received at 18 percent. Now it will be received at 15 percent.
Sources of FBR told Customs Today that according to Income Tax Act Section 231-B and 234, levy of withholding tax will not be applied on purchase/transferring of ownership of motorcycles and rickshaws.
Sources further added that special classification of vehicles will be observed through their first registration date, army vehicles will be judged by by the date when their symbol “arrow” allotted to them. While vehicles of embassies and other foreign missions will be judged from their registration with ministry of foreign affairs.
Sources said that rate of super tax for individuals, associations of persons, and companies will be 3 percent while 4 percent rate will be applied to booking companies. These tax is purely for IDPs and levy on persons and companies whose income is nearly 50 crore rupees. This tax will be applied for one year period only.
