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July 12, 2015

President signs ordinance to reduce WHT to 0.3 percent

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July 12, 2015

ISLAMABAD: President Mamnoon Hussain on Saturday signed an ordinance to reduce the rate of withholding tax (WHT) on banking transactions from 0.6% to 0.3%.
With the issuance of the ordinance, the finance minister’s commitment to the business community for a reduction of WHT stands fulfilled, said a press release.
The ordinance comes into force immediately, it added.
Mehtab Haider adds: Earlier in the day, Prime Minister Nawaz Sharif had granted approval to a reduction in the withholding tax for banking transactions and sent it to the president for issuance of an ordinance to this effect.
Federal Minister for Finance Ishaq Dar called on Prime Minister Nawaz Sharif at the PM House. The finance minister briefed the prime minister about his visit to China, signing of the Asian Infrastructure Investment Bank (AIIB) Articles of Agreement and meetings with heads of financial institutions including the Exim Bank.
The finance minister also apprised the prime minster about the agreement reached with traders associations/members of the business community regarding adjustment in withholding tax from 0.6% to 0.3% and other FBR related matters.
The finance minister solicited in principle approval from the prime minister for the issuance of an ordinance on the adjustment of withholding tax.
Advice on the issuance of the ordinance has been sent to the president. The ordinance on withholding tax, after approval of the president, shall come into force w.e.f Saturday 11th July 2015.
The finance minister had promised the traders and business community that he would solicit the approval of the prime minister for issuing the ordinance on withholding tax immediately after the PM’s return from abroad. Thus the finance minister has fulfilled his promise.

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