Withholding Tax on Education to Be Eliminated By The Government
To reduce the tax burden on the public, the government has decided to eliminate tax deductions from education and event expenses in next year’s budget.
Although withholding taxes are the main source of revenue for the Federal Board of Revenue (FBR), some withholding taxes generate negligible revenue, according to sources from the Large Taxpayer’s Office (LTO). Karnataka.
As a result, they predict that 8 to 10 withholding taxes will be eliminated in the next budget.
The FBR intends to repeal some withholding laws to ease the burden on taxpayers and provide relief to the public. The FBR examined the withholding provisions under the Income Tax Order 2001, as reported by the LTO. They argue that some provisions lead to low revenue and make it difficult for taxpayers.
According to the report, the FBR will propose to remove about 8-10 tax withholding provisions from the ordinance in the upcoming 2021/22 budget.
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