Withholding Tax on bank transaction waived for filers

ISLAMABAD: The government here on Wednesday waived off the Withholding Tax on bank transactions for the filers, where as it would remain intact for the non-filers.The announcement was made by the Finance Minister, Asad Umar, while presenting the Economic Reforms Package in the National Assembly.In the existing mechanism, a person withdrawing more than Rs 50,000 is charged with Withholding Tax, which is 0.3 percent for filers and o.6 percent for non-filers.He said that this tax was burden for those people who are regularly filing tax returns and following the tax laws of the country.In addition, he said that this tax had affected the transaction of money through banks, hence it has been decided that the Withholding Tax on filers will be withdrawn.He expressed the hope that this measure would encourage non-filers to come into tax net.

from The News International - Business http://bit.ly/2Sam66d