MULTAN: The government has collected Rs 8 billion under the head of withholding tax (WHT) during the first four months of the current fiscal year 2015-16.
It is reported that the federal government has gathered Rs 8 billion from monetary dealings with banks from July to October 2015 under the head of WHT as the figures reveal that the government is expecting to collect Rs 18 billion regarding WHT during the current fiscal year 2015-16.
As per details, the government had enforced a tax of 0.6 percent on monetary dealings with banks in the beginning of the current FY 2015-16 upon those who were out of National Tax Number (NTN) however, the traders totally oppposed and rejected it and after countrywide strikes of the traders the federal government had to bring it down to 0.3 percent. It is reported that the traders have yet reservations in this respect but the governmnet is not ready to draw it back.
According to experts, the positive WHT figures show that the government will not cut it off as it is proving to be a good source of revenue for the government.
