ISLAMABAD: The Federal Board of Revenue has reduced the rate of withholding tax on banking transactions for one more month till August 31.
The FBR, exercising the powers conferred upon it by proviso under Division XXI of Part IV of the First Schedule to the Income Tax Ordinance, 2001 (XLIX of 2001), amended its Notification No SRO 494 (I)/2016 dated 30th June, 2016 and reduced the rate of WHT to 0.4 per cent from 0.6 per cent on all banking transactions.
Under the amendment, the words “first day of July, 2016 to thirty first day of July, 2016”, the words “first day of August, 2016 to thirty first day of August, 2016” will be substituted.
