FBR issues notification to extend application of 0.4pc on non-filers


ISLAMABAD: Federal Board of Revenue (FBR) has issued notification to implement 0.4 percent withholding tax applicable on non-filers of income tax returns on non-cash banking transactions.
The FBR issued SRO to extend the imposition of reduced rate at 0.4 percent up to June 30, 2018, which was expired on December 31, 2017.
The FBR through Section 236P of the Income Tax Ordinance, 2001 imposed 0.6 percent on above Rs50,000 non-cash transactions per day made by non-filers of income tax returns. The rate has been reduced on protest of small traders and the government first reduced to 0.3 percent and then revised to 0.4 percent in March 2016.
Now the government has decided to continue the applicability of the tax rate.