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ISLAMABAD: Federal Minister for Finance Ishaq Dar has accorded anticipatory approval to amend 0.6% withholding tax rate on banking transactions to 0.3% in respect of non-filers till February 29.
It may be mentioned that 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 February.
In addition the last date for filing of tax returns by traders under the Income Tax (second amendment)/Act, 2016, the last date has also been specified as 29th February 2016.
The decisions have been taken to provide maximum facilitation to taxpayers.
