Pakistan

Withdrawal and All Banking Transactions Taxes in 2016-2017

ADVERTISEMENT
CONTINUE READING BELOW

After the approval of Finance Bill 2016 from the National Assembly of Pakistan, still, for many Pakistanis, it is not clear what the withdrawal is withholding tax on all banking transactions for the year 2016-17.

ADVERTISEMENT
CONTINUE READING BELOW

Well the SRO at this moment issued by the Federal Board of Revenue has clearly stated that the withholding tax rate on withdrawal from the banking system above Rs. 50,000 will be applicable at the rate of 0.4 percent. The rate will be applicable till June 30, 2016. However, Finance Ministry is considering extending the rate to 0.6 percent that will take effect on July 01, 2016 if approved.Capture a

Current withholding tax on all type of withdrawal from the banking system would be 0.4 percent if the total amount exceeded from Rs. 50,000. From the start of July, the chances are high that rate will be extended to 0.6 percent if approved by the Finance Ministry. Along with increase rate of withholding tax, an explanation has been proposed whereby it is clarified that Rs. 50,000 shall be the aggregate from all bank accounts in a single day.

ADVERTISEMENT
CONTINUE READING BELOW

The proposed suggestion will not be applicable until the tax department makes the clear system of applying a tax on the withdrawal.

ADVERTISEMENT
Ali

Ali Rajput is an entrepreneur and I.T professional from Pakistan who loves to blog about ICT & current Pakistani issues. He is well known in local industry for his consulting services for cooperate computing solutions. He also holds Masters Degree in Advance Computer Science from University of Leicester, United Kingdom. Reach out to him on Twitter @acompk via email at admin [at] web.pk

Comments

  • Imdad Ali on 23/06/2018

    online sepco bill

    Reply

Leave a Comment

Your email address will not be published. Required fields are marked *