ByThe Sindh Revenue Board (SRB) has announced that the existing 13% tax rate on services provided by professionals and consultants will remain in effect for the 2024 tax year. This applies to a wide range of professions, including:
- Lawyers and legal consultants
- Accountants and auditors
- Management consultants
- Technical, scientific, and engineering consultants
- Software and IT consultants
- Tax consultants, HR consultants, and personnel development consultants
- Laboratories (excluding pathological, radiological, and diagnostic services)
This decision aims to maintain a stable tax environment for professionals and consultants in Sindh. It also aligns with the updated Sales Tax on Services Act, 2011, ensuring transparency and consistency in tax regulations.
Key Points:
- 13% tax rate applies to all listed professional and consultant services in Sindh for 2024.
- This rate is consistent with the updated Sales Tax on Services Act, 2011.
- The decision aims to create a stable tax environment for professionals and consultants.
Additional Information:
- Businesses and individuals affected by these regulations are encouraged to consult with tax advisors for accurate compliance.
- The SRB remains committed to effective tax administration and supporting the growth of professional services in the region.
Banking Services in Sindh Face 13% Sales Tax for 2024
The SRB has also outlined a 13% sales tax rate for various banking services offered in Sindh during the 2024 tax year. This move seeks to streamline and regulate the taxation of banking services, ensuring fairness and transparency.
Services Affected:
- Guarantees (including bank guarantees)
- Brokerage services
- Letters of credit
- Issuing cheque books, pay orders, and demand drafts
- Bills of exchange
- Money transfers (telegraphic, mail, electronic)
- Commissions (including bill discounting)
- Safe deposit lockers and vaults
- Other unspecified services
- Issuing, processing, and operating credit and debit cards
- Commissions and brokerage in foreign exchange dealings
- ATM operations, maintenance, and management
Key Points:
- 13% sales tax applies to a wide range of banking services in Sindh for 2024.
- This aligns with the updated Sales Tax on Services Act, 2011.
- The move aims to ensure fair contribution to provincial revenue and maintain a clear tax framework.
