KARACHI: The federal government has collected Rs 6.730 billion under the head of withholding tax from banks. Withholding tax was imposed on banking transactions of Rs 50,000 and above.
Sources told Customs Today that in fiscal year 2014 from July to September, Rs 160.526 billion cash transactions were made while during current fiscal year an increase of 0.72 percent was witnessed and total Rs 161.676 cash transactions were made. Sources said that from June 2013 to October 2015, the government borrowed Rs 2.79 trillion.
