Regulatory Alerts2014-05-21
Added · Updated
BRPD Circular Letter No. 09: Deduction of Income Tax at Source on Commission Received by Selling Prize Bonds and Saving Certificates
The National Board of Revenue clarifies that while Section 53 of the Income Tax Ordinance, 1984 does not apply to commissions for selling prize bonds and saving certificates, Section 52AA requires a 10% withholding tax on such commissions received by scheduled banks from July 1, 2011, onwards. This directive mandates scheduled banks to deduct income tax at source on these specific commissions in accordance with the stated legal provisions.
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