NA Committee Approves 5% Tax on Social Media Income
ISLAMABAD: The National Assembly’s Standing Committee on Finance has approved a proposal to impose a tax on income earned through social media platforms.
During a committee meeting, officials from the Federal Board of Revenue (FBR) explained that a 5% withholding tax would be levied on earnings from social media. The tax will be applied when funds, such as those from YouTube, are received in dollars into a bank account.
FBR officials estimate that current earnings from social media in Pakistan amount to approximately Rs 10 billion.
In a separate decision, the committee also approved a proposal to eliminate the existing 1% advance tax on exporters.
