ISLAMABAD: The government on Friday announced spending cuts and tax increases totalling Rs2,500 billion as it races to close a budget deficit to 4.9 percent of the GDP in the upcoming fiscal year of.
People-friendly, growth-oriented budget presented pakobserver.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pakobserver.net Daily Mail and Mail on Sunday newspapers.
A tax official said that currently the withholding tax rate was 10pc on profits of NSS while 5pc tax will have to be deposited at the time of depositing income tax returns. Dawn/File
ISLAMABAD: The Federal Board of Revenue (FBR) on Saturday announced that the rate of withholding tax on profit of national savings schemes (NSS) will be 15 per cent effective from July 1, 2021.
According to a circular, the rate will be available only to those people who are on the Active Taxpayers List (ATL). The rate will be 30pc for those who are not on the ATL.
Pakistan reduces profit rates on National Savings schemes
They will be applicable from May 19 SAMAA | Shakeel Ahmed - Posted: May 18, 2021 | Last Updated: 3 days ago SAMAA | Shakeel Ahmed Posted: May 18, 2021 | Last Updated: 3 days ago
Photo: SAMAA Digital
The government has reduced profit rates on National Savings schemes, the Ministry of Finance said in a notification Tuesday.
The profit on Shuhada Family Welfare Accounts and Pensioners
Benefit Accounts has been reduced to 11.04% from 11.52%, according to the
notification.
The government has reduced the profit on Regular Income
Certificates by Rs600 to Rs7,200.
Short-term Savings Certificates worth Rs500,000 have their
profit slashed by Rs500, the notification read. People having these