Summary The board of revenue has stated that corporate tax would be lessened to 31 percent by 2016-17
ISLAMABAD (Dunya News) – Federal Bureau of Revenue (FBR) on Tuesday has issued a report that states at least 63 percent of returns came through withholding tax while revenue of the country increased overall.
The report states that tax returns have surged by Rs 335 billion owing to the positive policies of the incumbent government.
In the fiscal year (FY) 2014-15, withholding tax worth Rs 691 billion was collected. A total of Rs 27 billion was recovered under electricity billing, Rs 24 billion on bank transactions while Rs 50 billion was collected through withholding tax.
The board of revenue has stated that corporate tax would be lessened to 31 percent by 2016-17 while further cut would be imposed in 2017-18 by one percent.
The revenue department has further stated that the government is taking all possible steps to better economic situation of the country.
