Committee formed to resolve issue of Withholding Tax on banking transactions
Finance Minister says Withholding Tax on banking transactions was applicable to non-filers only
Finance Minister Ishaq Dar has constituted a 19-member committee to resolve issue of the imposition of withholding tax on banking transactions.
The committee includes seven members each from traders and various chambers of commerce and industries.
The Minister announced this during a meeting with representatives of traders and business community in Islamabad.
The Minister clarified that 0.6% withholding tax as announced in the current financial budget on banking transactions was applicable only to non-filers.
He said it was in a way meant to persuade non-filers to enter the tax net and contribute to the national exchequer.