Friday 26th of April 2024
Home    |   SCCI Role & Purpose    |   Feedback   |   Contact Us
 
NEWLY OFFICE BEARERS 2022-2024 MUHAMMAD TARIQ IQBAL MUGHAL PRESIDENT, Mr. KHALID ZAMAN TOOR SENIOR VICE PRESIDENT, SHEIKH MUHAMMAD AZEEM VICE PRESIDENT      
Enter Membership ID, Company Name, Person Name, NTN or Phone
Home | CV / Job Wanted
Move to halve WHT on power bills
 Muzaffar Hameed May 25, 2010, 05:18:38 AM 

ISLAMABAD : The Federal Board of Revenue (FBR) is planning to reduce withholding tax (WHT) on electricity bills received by commercial and industrial consumers from 10 percent to 5 percent to provide relief to the business community in the coming budget for 2010-11.

In this regard, the FBR has drafted a proposal, which has been forwarded to the Ministry of Finance for approval. In case the government approves the proposal, the Finance Bill 2010 would amend the Income Tax Ordinance 2001. Sources told Business Recorder here on Monday that the proposal to reduce the rate of withholding tax on power bills of commercial/industrial consumers from 10 percent to 5 percent would particularly facilitate the manufacturing sector in the country. Resultantly, the FBR will suffer some revenue loss in 2010-11.

Previously, tax collected on monthly electricity bills in respect of non-corporate commercial and industrial consumers was treated as final tax. An amendment was made in section 235 of the Income Tax Ordinance last year by virtue of which the tax deducted on the monthly electricity bills exceeding Rs 30,000 is adjustable which consequently could be refunded. BR
 

Register |  Sign in
  In the Spotlight
 
  Sheikhupura Weather
Advertisements
SCCI Advertise your business with us, today! SCCI Advertise your business with us, today! SCCI Advertise your business with us, today! SCCI Advertise your business with us, today!
Sheikhupura Chamber on Facebook Sheikhupura Chamber on Twitter SCCI Advertise your business with us, today! SCCI Advertise your business with us, today!
Phone: +92 42 371 68999   fax: +92 42 371 68999   E-mail: info@scci.net.pk   Address: 23 KM, Lahore-Sheikhupura Road, Qila Sattar Shah, Sheikhupura, Punjab, Pakistan
Copyright © 2010 IT Department of Sheikhupura Chamber of Commerce. All rights reserved.
Designed & Developed By: Progressive
Total Hits: 3867196