ISLAMABAD: Federal Board of Revenue has turned down traders’ demand of withdrawal of 0.3 per cent withholding tax on banking transactions.
FBR spokesperson and Senior Member (Inland Revenue) Policy Shahid Hussain Asad, talking to media, has said that the withholding tax on banking transactions imposed on non-filers will not be removed at any cost and would be increased to 0.6 percent from October 2015.
The traders’ bodies have already announced a countrywide strike on September 9 against the government’s decision. According to the All Pakistan Anjuman-e-Tajran will also observe protest on September 2 across the country, while they have planned to boycott banks on September 4. The business community has also decided to observe complete shutter down strike on October 7.
The government had estimated to generate Rs35 billion from the withholding tax on banking transactions during ongoing financial year.
