May 16, 2023
Govt considering 0.6% tax on ATM withdrawals
ISLAMABAD: The government’s tax commission has proposed the re-introduction of withholding tax on cash withdrawal and banking transactions and the elimination of hard dollars from the market aimed at broadening an extremely narrow tax base. According to The Express Tribune report, the Federal Board of Revenue (FBR) was actively considering recommending the re-imposition of 0.6% tax on cash withdrawal, banking instruments and banking transactions with effect from July this year. But both the proposals given by the Reform and Revenue Mobilisation Commission (RRMC), led by Ashfaq Tola, appear to be self-contradictory. The tax on cash withdrawal by non-filers of tax
