ISLAMABAD: The federal government has decided to maintain 0.3 percent withholding tax rate on banking transaction in November as well.
According to details, Federal Finance Minister Ishaq Dar has agreed during a meeting with traders that 0.3 percent rate of withholding tax will be imposed till the matter is resolved.
Sources added that the Federal Board of Revenue (FBR) will prepare a summery and send it to the Economic Coordination Committee (ECC) in this regard. Sources added that after the approval from the ECC, the 0.3 percent withholding tax rate will be imposed on any banking transaction during November this year.
Sources added that Rs 6.7 trillion targets are set for the second quarter of the current year for FBR while Rs 40 billion of shortfall is observe in the tax collections for the first quarter of the current financial year.
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