The Federal Board of Revenue Pakistan has announced the imposition of a 2pc withholding tax on online markets, to come into effect from 1st September onwards.
The announcement was made through the notice SRO984-2021. For the budget of 2021-2022, the government had proposed the 2 per cent withholding tax, exempting the active taxpayers.
Withholding tax is a major source of federal revenue, including income and sales tax and amounting to about 57 per cent of total direct tax collections.
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