Islamabad: The federal government has made no changes to cash limits or tax rates on withdrawal from bank accounts, a news source quoted Minister of State for Revenue Hammad Azhar as saying.
Several sections of the media claimed on Wednesday that a small percentage (0.6%) would be deducted as tax from financial transactions exceeding PKR 25,000 for non-filers.
Refuting the reports, the minister clarified that the only change made through the Second Finance Supplementary Act 2019 is concerned with taking out tax filers from the scope of the relevant law. He added that withholding provisions are applicable to non-filers.
Meanwhile, a spokesperson for the Federal Board of Revenue (FBR) said that the government made the laws referenced to encourage commercial activity through proper banking channels.
