July 14, 2015

The rate of Withholding Tax on bank instruments issued out of account has been reduced from 0.6% to 0.3% till 30 -9-2015, through Presidential Ordinance dated 11.7.2015.

It has been reported to FBR that some of the banks are still deducting tax on bank instrument of non-filers @ 0.6%. FBR has directed the banks that if any bank has still deducted tax @ 0.6% on 13th of July, 2015 onwards, the excess amount must refunded/adjusted immediately.

Shahid Hussain Asad
Member (Inland Revenue Policy Official Spokesman of FBR