The Federal Board of Revenue (FBR) has notified that the reduced rate of 0.4 percent withholding tax on banking transactions of non-filers shall continue till the extended date, ie, May 30, 2016. According to SRO .370(I)/2016 issued by the FBR here on Tuesday, the FBR amended S.R.O. 286(1)/2016 dated April 1, 2016. Following is the text of the SRO issued.
In exercise of the powers conferred by proviso under Division XXI of Part IV of the First Schedule to the Income Tax Ordinance, 2001 (XLIX of 2001), the Federal Government is pleased to direct that in its Notification No S.R.O. 286(1)/2016 dated April 1, 2016, the following amendments shall be made namely:- In the aforesaid notification, for the words "first day of April, 2016 to thirtieth day of April, 2016", the words "first day of May, 2016 to thirty rust day of May, 2016" shall be substituted.
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