ISLAMABAD: Minister for Finance Senator Mohammad Ishaq Dar Wednesday announced one month extension in the date for filing income tax returns till October 31.
He also informed that the Economic Coordination Committee (ECC) of the Cabinet in its meeting held Wednesday approved to extend the date to continue deduction of withholding tax on banking transactions of over Rs 50,000 at 0.3 percent for one month.
Addressing a press conference, the minister said withholding tax was reduced from 0.6 percent to 0.3 percent temporarily for three months which was expiring today. "On pressing demand of traders community the ECC approved to extend the date for one month. But, the government would not withdraw its decision in this regard at any cost."
He said during the month the government would continue negotiations with the traders community to convince them to enter into tax net to avail exemption of withholding tax.
Regarding petroleum prices, Ishaq Dar announced that the prices of petroleum products would remain unchanged for next month (October).
He said the Prime Minister rejected the summary of Oil and Gas Regulatory Authority (OGRA) which suggested increase in prices of High Octane, Light Diesel Oil and Kerosene Oil besides slight decrease in the petrol and High Speed Diesel prices.
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