ISLAMABAD: Government has declared it mandatory for all importers, exporters, traders and industrialists to submit their national tax numbers while opening any commercial bank account.
Existing commercial bank accounts holders have also to declare their ntn number before the banks concerned.
Ministry of Finance has also cleared that imposition of 0.6 percent withholding tax on bank transaction is levied only on non-filers, while the traders and businessmen those filed their tax returns are exempted from this tax. The total strength of the taxpayers is 875,000 currently.
Member Federal Board of Revenue (FBR), Shahid Hussain Asad has also informed the representatives of banks in Karachi that law pertaining to imposition of WHT on bank transaction will be effective only for non-filers.
The govt has also raised the vehicles’ token tax rate for non-taxpayer as the rate for 1300 cc vehicles has been increased up to Rs 10,000 from Rs 3,500.
Talking to Customs Today official of Finance minister said that lack of awareness about the finance bill caused eruption in the country as the traders were taking to the streets to protest against the WHT, he added. He said that govt wanted to strengthen the tax system, besides expanding the tax base.
