ISLAMABAD: The government has decided to extend deadline of withholding tax on banking transactions till November 15.
Talking to Customs Today, Federal Board of Revenue (FBR) Senior Member Inland Revenue Shahid Hussain Asad said, “We are still holding negotiations with traders to resolve the issue.” He said that in case both the parties do not reach any agreement, the government will further extend the deadline. He said, “We are trying our best to reach an agreement with traders community until November 15.” He said that the government has already taken its approval from parliament.
Shahid Hussain Asad said that no government will gain positive results in economy without introducing reforms in their tax system. He said that there is a need to cooperate with the government and should not be afraid of submitting tax returns. He said that it is the national duty of every individual to pay taxes according to income that will enable the government to put the national economy on the right track.
Shahid Hussain Asad said that FBR is trying to expand tax net because more people will come under tax net and that will have a positive impact on the economy. He warned tax evaders of stern action, adding that the main reason behind imposition of withholding tax is to make the economy documented. He said that traders are patriotic Pakistanis and they will not hesitate to perform their national duty.
