Govt Waives Off Withholding Tax On Bank Transaction For Filers

ISLAMABAD, (UrduPoint / Pakistan Point News - 23rd Jan, 2019 ) :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, Assad 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affected the transaction of money through banks, hence it has been decided that the Withholding Tax on filers will be withdrawn.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. He said that the non-filers should also file returns to save the money, which they have to pay for being non-filers.