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Committee formed to resolve issue of Withholding Tax on banking transactions

ISLAMABAD: Chief Minister Shahbaz Sharif on Thursday made telephonic contact with Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar to convey traders’ concern over imposition of 0.6% withholding tax on banking transactions.

The Chief Minister urged them to review the matter for an amicable solution. He said traders are backbone of country’s progress and steps should be taken on priority basis to resolve their issues.

On the other hand, Finance Minister Ishaq Dar has constituted a 19-member committee to look into the matter.  The committee includes seven members each from traders and various chambers of commerce and industries.

The Minister announced this during a meeting with representatives of traders and business community in Islamabad. The Minister clarified that 0.6% withholding tax as announced in the current financial budget on banking transactions was applicable only to non-filers.

He said it was in a way meant to persuade non-filers to enter the tax net and contribute to the national exchequer. The committee includes seven members each from traders and various chambers of commerce and industries.

The Minister announced this during a meeting with representatives of traders and business community in Islamabad. The Minister clarified that 0.6% withholding tax as announced in the current financial budget on banking transactions was applicable only to non-filers.

He said it was in a way meant to persuade non-filers to enter the tax net and contribute to the national exchequer. DNA

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