ISLAMABAD: The Federal Board of Revenue (FBR) has abolished withholding tax on bank transactions, purchase of used cars, domestic and international air travel, compressed natural gas (CNG) and minerals. The tax has been abolished under the Finance Act 2021, the FBR said in a notification on Friday. The people buying new cars will be required to register the vehicles in their own names. They will have to pay Rs200,000 for failing to do so. There will be no withholding tax on sending money abroad through credit or debit cards either, according to the FBR. The FBR required businesspersons to have business accounts to ensure documentation of the economy. Taxpayers will have to declare their business accounts. TLTP
