{"id":36265,"date":"2018-03-27T14:45:43","date_gmt":"2018-03-27T09:45:43","guid":{"rendered":"https:\/\/www.zameen.com\/blog\/?p=36265"},"modified":"2018-03-27T14:45:43","modified_gmt":"2018-03-27T09:45:43","slug":"icap-suggests-fbr-to-increase-limit-on-withholding-tax-of-0-3","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/icap-suggests-fbr-to-increase-limit-on-withholding-tax-of-0-3.html","title":{"rendered":"ICAP suggests FBR to increase limit on withholding tax of 0.3%"},"content":{"rendered":"<p>Islamabad: The Institute of Chartered Accountants of Pakistan (ICAP) has proposed the Federal Board of Revenue (FBR) to revoke Withholding Tax on cash withdrawal for property tax filers, reported a news source. At the moment, Withholding Tax of 0.3 is imposed on cash withdrawal from banks exceeding the limit of PKR 50,000 for filers and 0.6% for non-filers.<\/p>\n<p>In its budget proposal, ICAP suggested the FBR to increase the cash withdrawal limit for filers from PKR 50,000 to PKR 100,000 as this will help the board broaden the tax base.<\/p>\n<p>The ICAP has suggested more measures that can be taken, including;<\/p>\n<ul>\n<li>Tax collection\/deduction rates for filers be lowered<\/li>\n<li>Incentivisation for filers, rate of extra tax be increased to 15% from present 5% for non-filers<\/li>\n<li>An extra 5% to be levied on bill amount exceeding PKR 15,000 for unregistered persons having industrial or commercial undertaking.<\/li>\n<li>All exemptions or tax concessions provided under the law should be for filers only<\/li>\n<li>Complete information on sale of movable property be collected.<\/li>\n<li>Sharing information on sale of immovable property transfers in designated areas be made compulsory for tax filers.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Institute of Chartered Accountants of Pakistan (ICAP) has proposed the Federal Board of Revenue (FBR) to revoke Withholding Tax on cash withdrawal for property tax filers, reported a news source. At the moment, Withholding Tax of 0.3 is imposed on cash withdrawal from banks exceeding the limit of PKR 50,000 for filers and 0.6% for non-filers. In its budget proposal, ICAP suggested the FBR to increase the cash withdrawal limit for filers from PKR 50,000 to PKR 100,000 as this will help the board broaden the tax base. The ICAP has suggested more measures that can be taken, including; Tax collection\/deduction rates for filers be lowered Incentivisation for filers, rate of extra tax be increased to 15% from present 5% for non-filers An extra 5% to be levied on bill amount exceeding PKR 15,000 for unregistered persons having industrial or commercial undertaking. All exemptions or tax concessions provided under the law should be for filers only Complete information on sale of movable property be collected. Sharing information on sale of immovable property transfers in designated areas be made compulsory for tax filers.<\/p>\n","protected":false},"author":60,"featured_media":26795,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[3362,5856],"persona":[],"class_list":{"0":"post-36265","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"tag-fbr","8":"tag-icap"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ICAP suggests FBR to increase limit on withholding tax of 0.3% - Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Institute of Chartered Accountants of Pakistan (ICAP) has proposed the Federal Board of Revenue (FBR) to revoke Withholding Tax on cash\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/icap-suggests-fbr-to-increase-limit-on-withholding-tax-of-0-3.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ICAP suggests FBR to increase limit on withholding tax of 0.3% - Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Institute of Chartered Accountants of Pakistan (ICAP) has proposed the Federal Board of Revenue (FBR) to revoke Withholding Tax on cash\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/icap-suggests-fbr-to-increase-limit-on-withholding-tax-of-0-3.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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