Regulatory Alerts2014-11-17
Added · Updated
DFIM Circular Letter No. 12: Updating of 12-digits TIN of Account Holders of Scheduled Banks and Financial Institutions under Section 53F of Income Tax Ordinance, 1984
Scheduled banks and financial institutions must deduct source tax at a rate of 10% on interest or profit payments if the account holder possesses a 12-digit Tax Identification Number (TIN) on the payment date; otherwise, a 15% withholding tax rate applies. This directive implements amendments to Section 53F of the Income Tax Ordinance, 1984, introduced via the Finance Act, 2014, and requires all branches to strictly follow these instructions.
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