Finance Minister announces details of agreement with representatives of business community

Islamabad, July 09, 2015 (PPI-OT): Members of the Business community and the Federal Board of Revenue here on Thursday agreed for adjusting 0.3 percent Withholding Tax (WHT) for non-filers up to September 30, 2015. The agreement between the two sides calls upon non-filers to file their returns on or before 30th September, 2015 for period ending 30th June 2015.

SAPM on Revenue, Haroon Akhtar, Chairman FBR, Tariq Bajwa, Mr. Naeem Meer, President Anjuman Tajiran, President FPCCI, Mian Idress, President Karachi Chamber of Commerce and Industries, Mr. Iftikahr A Vohra, President RWP Chamber of Commerce and Industries Syed Asad Mashadi, President KP Chamber of Commerce Fuad Ishaq, President Islamabad Chamber of Commerce, Muzammil Hussain Sabri, MNAs and prominent business leaders, Mian Abdul Mannan, Pervez Malik, and other representatives of the business community were present on the occasion.

Federal Minister for Finance, Senator Muhammad Ishaq Dar shared details of the meeting with media after chairing meeting of the 19- member committee comprising representatives of traders, businessmen and Chambers of Commerce and Industries at FBR on Friday.

Finance Minister said that decision about 0.6% withholding tax was part of the financial bill and had a legal and constitutional binding. For any relaxation in it, the matter had to be taken to the parliament. He said an ordinance would first be issued regarding withholding tax and then it would be taken up by the parliament.

The Minister also stated that extension of schedule-III would be considered on sector to sector basis for sales tax between business representatives and FBR. It was also decided that turn over tax would be decided (according to various trades and sectors) with consultations between representatives of business community and FBR. The Minister further said that the 19-member committee shall work on these issues and hopefully finalize its recommendations by the end of August.

The Minister further told media that FBR and business community would hold in depth talks to resolve the issues related to filing of returns. Minister Dar lauded the hard work of all the members of the committee (formed on Wednesday) to arrive at this agreement. He appreciated the resolve of the business community to contribute to the national exchequer.

The Minister said he had always voiced for a charter of economy and still advocates this idea for economic good of the country. All the representatives of business community present on the occasion thanked the Finance Minister for his interest and support to resolve the issue regarding withholding tax on banking transactions and other FBR related matters.

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