ISLAMABAD (February 24 2008): The Federal Board of Revenue (FBR) has deferred payment of 2.5 percent withholding tax on the local purchase of cars for a period of two months. The board has amended Second Schedule of the Income Tax Ordinance, 2001 through SRO 153(I)/2008 issued on Saturday.
According to the notification, no tax will be collected under section 231B of the Ordinance 2001 during the period from February 21 to April 20, 2008 and will apply to booking of a motor car or delivered during the said period.
When contacted, Shafiq Ahmad Shaikh, head of public relations and official spokesperson of Pak Suzuki Motor Company Limited, Karachi, said that the FBR has provided relief to the general public by withdrawing the levy. During this two-month exemption, the board would analyse whether the withdrawal of withholding tax increases the sale of locally manufactured cars.
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Wednesday, March 5, 2008
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