- Sindh Revenue Board (SRB) released a tax card detailing sales tax rates on banking services for tax year 2024-25
- Standard sales tax rate of 15 percent will be applied to all banking services effective from July 1, 2024
- Specific banking services subject to 15 percent sales tax include letter of credit, issuance of cheque books, bill of exchange, money transfer services, commission services, safe deposit lockers, credit and debit card services, foreign exchange dealings, ATM services, banker to an issue, and other financial services
- SRB aims to streamline tax framework and enhance revenue collection in Sindh province
- Banks and financial institutions in Sindh need to update systems and inform customers about additional tax charges
- Customers should expect potential increases in service fees as banks incorporate new tax rates
- SRB’s tax card emphasizes transparency and effective tax system in Sindh Province
- Stakeholders in banking and financial sectors advised to review tax card and adjust financial planning for compliance and mitigation of new tax measures.
Source: pkrevenue.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
