ISLAMABAD: President Mamnoon Hussain has approved an ordinance for the reduction of withholding tax on banking transactions from 0.6% to 0.3% for non-filers.
Reportedly, the ordinance will remain effective from July 11 to September 30, which is set to be the last date for filing tax returns.
According to a news source, Federal Broad of Revenue and business community representatives had reached an agreement on the reduction in tax rate on July 9.
