ISLAMABAD: Federal Board of Revenue (FBR) has extended the imposition of withholding tax on non-cash banking transactions by non-filers up to September 30, 2017 from July 01, 2017.
The FBR issued SRO 602(I)/2017 with the approval of Federal Minister-in-Charge to extend the 0.4 percent withholding tax on non-cash banking transactions made non-filers of income tax return for three months.
The FBR imposed 0.6 percent withholding tax in budget 2015/2016 but it was later reduced to 0.3 percent on July 11, 2015. The rate, however, increased to 0.4 percent in March 2016, which is still applicable through notifications.
