in ,

FBR Enables Telcos to Adjust Withholding Tax Deductions on Import of Equipment

Share With Your Friends

The Federal Board of Revenue (FBR) has announced that the declaration of the telecommunication sector as an industrial undertaking will enable telecom companies to adjust withholding tax deducted on import of capital equipment and plant & machinery for their use.

Through an income tax circular issued by the FBR on Thursday, the FBR has clarified the provisions relating to the Telecommunication sector that have been introduced in Finance Act, 2021.


Finnish Fund for Industrial Cooperation Ltd Shows Interest in Equity Investment in TPL Insurance

(I) Inclusion of telecommunication sector in the definition of industrial undertaking under clause (29C) of section 2 of the Ordinance. This will enable them to adjust tax deducted under section 148 on the import of capital equipment and plant & machinery for their use.

(II) Reduction of withholding tax rate under section 153(1) (b) on telecommunication services from 8 percent to 3 percent under minimum tax regime.

(III) Reduction of advance tax under section 236 on the internet and mobile phone usage from 12.5 percent to 10 percent for the tax year 2022 and 8 percent onwards.

Source link

Share With Your Friends

What do you think?

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Mark Zuckerberg phone number leaked; uses Signal App

Fight crypto like COVID-19 urges Global Times, hydro power plants popular …