5% withholding tax levied on TV channels ads
ISLAMABAD – The government has imposed 5 per cent withholding tax on advertisements of TV channels operating from abroad, while increase of WHT from 10 per cent to 20 per cent has been announced on income from prize bonds, winnings, and prizes and lotteries.
Apart from these budgetary steps, petroleum dealers will now pay 10 per cent WHT as final tax; 10 per cent WHT on traveling and insurance agents’ commission as final tax. The government has also imposed 20 per cent higher GST rate on majority of traders by setting aside 3 per cent further tax payable by non-registered businessmen.
GST has also been levied on cottonseed, crude vegetable oil obtained from dirt/sludge, while central excise duty has been imposed on advertisements on cable/cc TV and services supplied by shipping agents; edible oil and supply of vegetable ghee/cooking oil.
The Capital Value Tax has been imposed at 0.1 per cent on the purchase value of shares traded in stock exchange. Besides these steps, the budget has changed the import duty rates on a number of major items, which would now be attracting the following rates:
Agriculture promotional tractors materials and CKD 20 per cent, keeping others at 70, 80 and 100 per cent; all railways materials 5 per cent; crude oil Rs9,200 PMT; ingredients for pesticides 5 per cent; plastic raw materials 5 per cent; varnishes 20 per cent after abolition of central excise duty; polypropylene and polyethylene 10 per cent; insulation tape and polyester film 5 per cent; plastic tags and staples for garments 10 per cent; vulcanized rubber thread and cord 20 per cent; silk yarn 5 per cent; printing blankets 5 per cent; metalized yarn 10 per cent; plates, sticks, tips for tools 5 per cent; padlocks 5 per cent; poultry machinery 5 per cent; bags making machines 5 per cent; spindles, spindle flyers and ring travelers 5 per cent, 10 per cent and 20 per cent respectively; automatic typewriters 10 per cent; industrial robots 5 per cent; rings for bearings 5 per cent and other 10 per cent; studio dubbing systems 5 per cent; remote controls 5 per cent.
Source: The News