ISLAMABAD: Finance Minister Mohammad Ishaq Dar, as chairman of the Economic Coordination Committee (ECC) of the cabinet, accorded anticipatory approval to amend 0.6% withholding tax rate on banking transactions to 0.3% in respect of non-filers till February 29, 2016. The Income Tax Amendment Act 2016 empowers the Federal Government to amend the rate of 0.6% on the recommendation of the ECC, said a statement. The Minister also gave approval to extend the date for filing tax returns by Individuals and Associations of Persons till February 29. In addition, the last date for filing tax returns by traders under the Income Tax Act 2016 (second Amendment) has also been specified as February 29. The decisions have been taken to provide maximum facilitation to taxpayers.
Published in The Express Tribune, January 31st, 2016.
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