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.
Daily Times
June 18, 2021
The Ministry of Finance has revised profit rates on various National Savings’ schemes. According to a notification issued on Thursday, the new profit rates will be applicable immediately. The profit rate on 10-year Defence Savings Certificate has been fixed at 9.35 percent, Regular Income Certificate at 8.76 percent, and 6-month Short-Term Savings Certificate at 7.20 percent. Whereas, the profit rate on Pensioners Benefit Account, Shuhada Welfare Account, Special Savings Certificates, Behbood Savings Certificate and saving accounts will remain unchanged, the notification said. Earlier in May, the government made adjustments to returns on almost all national savings instruments with immediate effect. According to notification issued by the Ministry of Finance, the return on Shuhada’s Family Welfare Accounts and Pensioners’ Benefit Accounts had been reduced from 11.52pc to Rs11.04pc with effect from May 19, 2021. Likewise, the profit payable on Bahbood
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The rate of return on savings accounts remains unchanged at 5.5pc. Reuters/File
ISLAMABAD: The government on Thursday revised upward profit rates on all national saving schemes and accounts of the Central Directorate of National Savings. The new rates will be applicable to deposits and investment with effect from January 21.
According to several notifications issued by the finance ministry, profit on Defence Savings Certificate has been increased by 0.93 percentage points to 9.42pc from 8.49pc. The DSC rate had been steadily on the rise since July 1, 2018 and it peaked to 13.01pc in October 2019.
The rate of return on Behbood Savings Certificate has been increased by 0.96 percentage points to 11.28pc from 10.32pc. On May 1, 2018, the BSC rate was 10.08pc that reached 14.76pc in October 2019.
SBP discontinues Rs 25,000 National Prize Bond
Published On
The bonds can be converted to Rs 25,000 denomination Premium bonds
KARACHI (Dunya News) – Fulfilling another requirement of the Financial Action Task Force (FATF), State bank of Pakistan (SBP) has halted the sale of Rs25,000 denomination prize bonds with immediate effect. The National Prize Bonds will not be encashed or redeemed after May 31, 2021.
According to the notification issued by SBP, cash payment for encashments of cited bonds is NOT allowed. However, the bondholder(s) shall have the following options to replace or encash these bonds;
The bonds can be converted to Rs 25,000 denomination Premium bonds (Registered) through the16 field offices of SBP Banking Services Corporation, and branches of six authorized commercial banks i.e. National Bank of Pakistan, Habib Bank Limited, United Bank Limited, MCB Bank Limited, Allied Bank Limited and Bank Alfalah Limited.