Bank transactions: 0.4 percent WHT to be charged up to March 31

The Federal Board of Revenue (FBR) will charge reduced rate of 0.4 percent withholding tax on the bank transactions of non-filers under Section 236p of Income Tax Ordinance up to March 31, 2017. Through an SRO issued here on Monday, the rate of tax withholding u/s 236p of the Income Tax Ordinance 2001 has been reduced to 0.4 per cent from 0.6 per cent on the bank transactions.
Following is the text of the SRO 37(I)/2017 issued here on Monday: In exercise of powers conferred by proviso under Division XXI of Part IV of the First schedule to Income Tax Ordinance, 2001 (XLIX of 2001), the federal government is pleased to direct that in its notification No SRO 811(I)/2016 dated August 31, 2016, the following amendments shall be made namely: In the aforesaid notification, for the words "first day of September, 2016 to thirty-first day of December, 2016," the words "first day of January 2017 to thirty-first day of March 2017" shall be substituted.