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Filers to be exempted from WHT on cash withdrawals

KARACHI: The government has decided to abolish withholding tax (WHT) on cash withdrawal from bank accounts for return filers.

Minister of State for Revenue Hammad Azhar had assured a delegation of Karachi Chamber of Commerce and Industry (KCCI), which called on him on Wednesday in Islamabad, that the condition of WHT is being eased for the filers to promote ease of doing business and enhance bank deposits.

The minister also assured the delegation of incorporating numerous suggestions in the Supplementary Finance Bill to be announced on Jan 23.

The state minister further agreed to withdraw sales tax and WHT on sales of used capital goods by manufacturers and also assured the businessmen of restoring the Final Tax Regime for commercial importers in the upcoming Finance Bill.

He also agreed to withdraw notices of mandatory audits under Section-214D to late filers of returns.

The KCCI said it was also agreed that the powers under Sections 37, 37A, 37B, 38, 40, 40B of Sales Tax Act would be used only after prior approval of officers not below the grade of member the Federal Board of Revenue. Any such actions would be conducted in the presence of a representative of the relevant chamber/association.

Earlier this month, Finance Minister Asad Umar had said that the taxes and penalty deposited for declarations filed under amnesty scheme within the due date, would be considered as valid for amnesty despite any objections on the cases.

It has been assured that the proposal will be included in the mini-budget which was also agreed by the state minister

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