ISLAMABAD (Web Desk) – Withholding tax rate on banking transactions would remain 0.3% in respect of non-filers till 29th of next month.
Anticipatory approval to amend 0.6% tax to 0.3% has been given by Finance Minister Ishaq Dar as Chairman Economic Coordination Committee of the Cabinet.
The Income Tax Amendment Act 2016 empowers the Federal Government to amend the rate of 0.6% on the recommendation of the ECC.
The Minister also gave approval for extending the date for filing of tax returns by Individuals and Associations of Persons till 29th of next month.
These decisions have been taken to provide maximum facilitation to taxpayers.