Brokerage and Commission section 233

Brokerage and Commission section 233

Brokerage and Commission section 233: At present, prescribed Persons under this section includes only that AOP which is constituted by or under law.

Said AOP includes only that AOP, which is incorporated by any constitution of Pakistan and it is normally an AOP which is a public sector AOP or any other AOP which is established under any law by the Government and also operated and managed by the Government.

However, Finance Bill proposes to includes any AOP whether incorporated by Government or any other person in Pakistan having turnover of hundred million rupees or more as a prescribed person for the purpose of withholding of income tax at the time of making payment on account of brokerage and commission.

Furthermore, bill also proposes to add any Individual as prescribed person who have turnover of hundred million rupees or more.

For more information on FBR’s new regulations / circulars/ SROs/ amendments in taxation laws in Pakistan please visit https://www.fbr.gov.pk/

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