02122016Fri
Last update: Fri, 12 Feb 2016 11pm

Bank transactions: Punjab chief minister to lead traders' delegation

Chief Minister Punjab Shahbaz Sharif will lead a delegation of traders to meet the officials of Ministry of Finance and Federal Board of Revenue (FBR) here today on the crucial issue of withholding tax on banking instruments of non-filers of income tax returns. Sources told Business Recorder here on Wednesday that the meeting between Shahbaz Sharif and Finance Ministry/FBR officials is expected to be held at Ministry of Finance. Chief Minister Punjab is leading the delegation of Punjab traders.

According to sources, Shahbaz Sharif is meeting the relevant authorities and traders' representatives on the specific instructions of Prime Minister to resolve the issue amicably. It is expected that both the sides would be able to reach some consensus on the issue of withholding tax on banking instruments of non-filers.

The 0.3 percent withholding tax would remain applicable till October 31, 2015. The approval in extension of one month was taken from the Economic Co-ordination Committee (ECC) of the Cabinet. Finance Minister Ishaq Dar had announced extension of one month in payment of concessional rate of 0.3 percent withholding tax on all banking instruments on expiry of Presidential Ordinance on September 30.

Last week, Dar has categorically made it clear that government would not withdraw withholding tax on banking transactions of non-filers at any cost but is ready to resolve genuine concerns of traders through mutual consultations. One should forget that this tax would be abolished and traders must contribute their due share in taxes, Dar added.

Copyright Business Recorder, 2015