ISLAMABAD (Dunya News) – Government has levied a 0.6 percent tax on amount withdrawn from one or more accounts if it exceeds Rs 50,000 in a day, reported Wednesday.
Traders have resented the new tax levied on bank transactions in the fiscal year 2016-17 budget.
The imposition is not restricted to one account as 0.6 percent tax will be deducted if transactions worth more than Rs 50,000 are made from different accounts, given that all are registered under same identity card.
Account holders who have filed tax returns will have to pay 0.3 percent Withholding Tax. However, traders have said that the imposition would not irk trading community but the locals as well.