In order to provide relief to the masses, The government of Pakistan has terminates the withholding tax on cash withdrawal from the banking system and non-cash banking transfers.
As per to details, In its Federal Budget 2021-22 the federal government took major relief measures by terminating 12 withholding provisions from the Income Tax Ordinance, 2001.
The federal government, Under the relief measures to the general public has terminates the provisions of Section 231A related to banking cash withdrawal and Section 236P related to non-cash banking transfers of the Income Tax Ordinance, 2001.
It further added that, Other provisions deleted from the ordinance to terminates the withholding tax included the collection of tax from persons remitting amounts abroad through credit or debit or prepaid cards; collection of tax on domestic air travel; collection of tax on international air travel; tax collection on extraction of minerals; collection of tax from the members by a stock exchange registered in Pakistan.
Your email address will not be published. Required fields are marked *