Federal Minister for Finance Ishaq Dar as chairman of the Economic Coordination Committee (ECC) on Saturday accorded anticipatory approval to amend 0.6 per cent withholding tax (WHT) rate on banking transactions to 0.3 per cent for non-filers till February 29, 2016.
The Income Tax Amendment Act 2016 empowers the federal government to amend the rate of 0.6 per cent on the recommendation of ECC. Ishaq Dar also gave approval for extending the date for filing of tax returns by individuals and associations of persons till 29th February. In addition, the last date for filing of tax returns by traders under the Income Tax (second amendment)/Act, 2016, has also been specified as 29th February 2016. The decisions have been taken to provide maximum facilitation to taxpayers
