Resultantly, the share of withholding tax
in total tax collection, which was 56% in June 2013, has now gone up to over 70% in a span of just four and a half years.
The LCCI office-beares hoped that withholding tax
on banking transactions will be withdrawn immediately in the larger interest of the industry, trade and economy.
Also with the present policy of withholding tax
the size of cash and informal economy may increase while home remittances through banking channels could also be negatively affected to a certain extent.
The government submitted that if withholding tax
on dividends is not allowed, the guaranteed IRR by the government of Pakistan to CET will not be 17pc as agreed in the Cooperation Agreement.
withholding agents must generally file tax and information returns with the IRS to report FDAP income paid to foreign payees along with any tax withheld on Form 1042, Annual Withholding Tax
Return for U.
Prior to the 2010-2011 budget, the withholding tax
was collected along with the monthly electricity bills of commercial and industrial consumers in 12 categories based on the total amount of the bill.
The reason for the implementation of the 3% withholding tax
was to help balance the budget with this new revenue source.
Belgium, Luxembourg and Austria will be entitled to drop the withholding tax
and set up an automatic information exchange system before the end of the transitional period.
A phone call to the Franchise Tax Board brought a solution to this dilemma: Two forms were required--Form 592, Nonresident Withholding Annual Return, and Form 592-B, Nonresident Withholding Tax
The New Komeito party insists on moving forward the abolition of the withholding tax
option, which is in line with the agreement made by the government's Tax Commission,'' Shiokawa told a meeting of the House of Representatives Financial Affairs Committee.
A subcommittee of the government's Tax Commission unveiled Tuesday a draft proposal that the abolition of a withholding tax
on securities transactions be forwarded from April 2003 to an unspecified date.
The amount of the withholding tax
is calculated at the highest rate of U.