Monday, November 29, 2021

The government has approved tax collecting procedures for tech firms such as Facebook, Google, and YouTube

One more effort to tighten the net around social media has been approved by the federal cabinet, which will require such platforms to operate in compliance with the rules and regulations established by the government.


Several international social media platforms have agreed to share these restrictions with the United States authorities.


In order to properly bring social media websites under the national tax net and generate revenue from them, the government has amended social media rules and regulations, which would require tech giants such as Facebook, Google, and YouTube to open offices in the country. Facebook, Google, and YouTube are among the tech giants that have already done so.


It has been set a revenue target of more than Rs10 billion from the industry by the Federal Board of Revenue (FBR). However, due to the absence of the offices of these corporations in the county, the tax was not being collected to its fullest extent.


In this case, tax was only withheld from payments that were made through Pakistani financial institutions.


In accordance with the Finance Act, the federal government has made available digital advertising space, website design, digital and cyberspace for websites, online computing, and access to all non-residents to companies like as Facebook, Amazon, Google, and YouTube.


For dozens of offshore digital services, including online buying and selling, Pakistan has levied a 15 percent tax, according to the country’s Finance Ministry.

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