Finance Minister Ishaq Dar has extended the deadline for 0.4 percent withholding tax on banking transaction till March 31, 2016 in response to a demand of a delegation of traders.
An official on condition of anonymity stated that the government has been giving extension after extension on reduced rate of withholding tax on banking transactions, against 0.6 percent announced in the budget for the ongoing fiscal year in June 2015, apparently because it does not want to antagonise its supporters - traders'' community.
On Tuesday, a delegation of traders and members of business community had a meeting with Finance Minister Ishaq Dar. Special Assistant to Prime Minister on Revenue, Haroon Akhtar, Member National Assembly Mian Abdul Manan and Chairman Federal Board of Revenue (FBR) Nisar Mohammad Khan were also present.
The delegation discussed with the Minister matters regarding extension in the period of concessionary rate of withholding tax and extension in the date of filing tax returns.
They said that in view of numerous requests made by traders'' bodies and other taxpayers, the last date for filing of tax returns may be extended. They also requested consideration for further extension in the period of concessionary rate of withholding tax.
The Finance Minister said that the government firmly believed in providing maximum facilitation to taxpayers. In that spirit it was decided to extend the date for filing of income tax returns/statements by individuals and associations of persons to 21st March 2016. While the last date for filing of tax returns for traders under the Voluntary Tax Compliance Scheme was extended to 31st March 2016.
The Minister in his capacity as Chairman ECC accorded an anticipatory approval for extension in the period of concessionary rate of 0.4% withholding tax on banking transactions by non-filers up to 31st March 2016.
The meeting was attended by senior officials of the Ministry of Finance, FBR, traders and representatives of the business community.
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