ISLAMABAD: Following the expiry of presidential orders regarding withholding tax on banking transaction, the Federal Board of Revenue (FBR) will impose fine and deduct tax at the rate of 35 percent on every banking transaction to be made by non-filers.
Sources said that the presidential ordinance will expire on September 30 and from October 1, the FBR will start action against the non-filers.
The sources added that the FBR has directed all the non-filers, who were reluctant to submit the income tax returns, to ensure the filing of income tax returns by the end of September 2015 in order to avoid the over deduction and fines.
They added the FBR has taken the measures to bring the non-taxpayers into the tax net and to make the economy documented, adding that withholding tax will not be withdrawn.
