Rice Exporters Association of Pakistan (Reap) Vice Chairman Shaikh Arshad Mehmood has drawn the attention of the member direct taxes, Central Board of Revenue to the fact that banks are still deducting 1.25 percent withholding tax on packing above 5 kilograms and not 0.75 percent as notified by the finance ministry.
The finance ministry has amended the extent of packing up to 50 kilograms and according to the amended rules all rice marketed under a brand name up to 50 kilograms packs would be charged 0.75 percent withholding tax.
Commercial banks say they have not yet received the copy of the notification bearing No.SRO 1053(1)/2003 dated: 17-11-2003, and are unable to deduct as per the SRO.-PR
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