Published On: Fri, Aug 7th, 2015

Govt refuses to take back With Holding Tax


ISLAMABAD: A senior official of Federal Board of Revenue has stated that government  cannot revert its decision of imposing with holding tax.

Rana Afzaal of FBR has told that government has no intention of taking back this decision and negotiations with traders in this regard is underway.

The official also said thousands of traders don’t pay a single penny in tax and  this tax is basically to bring the non filers into the tax net.

916694-potests-1436303484-922-640x480It is pertinent to mention that traders observed shutter down strikes across country on 1st & 5th August recording protest against this 0.3% withholding tax.

Initially it was imposed with .6% ratio on each banking transaction of Rs. 50,000 or more but then after consideration and negotiations with trader bodies it has been reduced to 0.3%.

Trader Bodies have serious reservations on this newly imposed tax.

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