Pakistan Revenue
ISLAMABAD: Federal Board of Revenue (FBR) has said that the government has not revised rates or limits of withholding tax on cash withdrawal from banks. In a statement on Thursday, the FBR said that the federal government has not revised rates or limits for tax on cash withdrawal from bank accounts under section 231A and […]
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KARACHI: The government has granted exemption from deduction of income tax on cash withdrawal by non-filers from Pak Rupee bank accounts, which have been opened for receiving foreign remittances. Through Finance Supplementary (Second Amendment) Act, 2019 a clause 101A has been inserted to Second Schedule of Income Tax Ordinance, 2001. It said: “The provisions of […]
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KARACHI: The new reform package has allowed exemption from collection of withholding tax on cash withdrawals from a bank account maintained in local currency where deposits are made through foreign remittances.
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Pakistan has decided that only non-filers of income tax returns will pay withholding tax on cash and non-cash banking transactions.
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On Wednesday, Finance Minister Asad Umar took the floor of the house to present a comprehensive economic reform package aimed at promoting investment and exports in Pakistan.
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KARACHI: The government has agreed to abolish the withholding tax on cash withdrawals from bank accounts by filers.
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