Karachi
The Federal Board of Revenue (FBR) has been urged to simplify the withholding tax regime on imported goods under the Section 148 of the Income Tax Ordinance, 2001.
Overseas Investors Chamber of Commerce and Industry (OICCI) in its proposals for budget 2021-22 urged the FBR to simplify the withholding taxes on goods at the import stage.
It suggested that the criteria for obtaining exemption under Section 148 of the Income Tax Ordinance, 2001 should be based on discharge of advance tax liability as per section 147 of the Income Tax Ordinance, 2001 and clause 72B of the part 1 of the second schedule should be restored.
Raw materials imported at the rate of 5.5 percent withholding tax should not be subject to minimum taxation.—TLTP
