Withholding tax at import stage standardized

On 26 February 2013, the Pakistan Federal Board of Revenue (FBR) issued notification SRO.140(I)/2013 withdrawing the concessional withholding tax regime at the import stage by imposing a 5% uniform tax rate on the imports of commercial and industrial importers, gold, mobile telephone sets, silver, all fibre, yarns, fabrics and goods covered by the sales tax zero-rating regime. The notification has abolished all reduced rates of withholding tax on the import of specified items contained in Part I…