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FBR removes WHT on used cars, Banking Transactions and more

The FBR put off the withholding tax for used cards, CNG, international and within-border air travel, minerals, and transactions via banks. FBR has made these changes to provide relief to taxpayers by removing around 12 withholding taxation requirements as a part of the funding Act 2021.

The FBR notifications clarified things; People are obliged by law to file tax returns until September 30th, FY2021. Moreover, consumers of new cars must register their names; otherwise, they may face a heavy fine of 200,000. For businesses purpose, there must be declared business accounts to avoid confusion. Otherwise, FBR would not tolerate tax evasion that results in an arrest.

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