KCCI delega­tion gives propos­als for upcomi­ng mini-budget­KARACHI: Minister of State for Revenue Hammad Azhar has agreed to abolish the withholding tax (WHT) on cash withdrawal from bank accounts for the filers of tax returns with a view to promoting ease of doing business and enhance bank deposits. Besides extending assurances to commercial importers that the final tax regime (FTR) would be restored in the upcoming finance bill, the minister reiterated that the sales tax and WHT on the sale of used capital goods by manufacturers would be withdrawn. This was stated by Karachi Chamber of Commerce and Industry (KCCI) Acting President Khurram Shahzad while recalling a meeting of a KCCI delegation with the state minister in Islamabad. “The minister acknowledged the need to withdraw the notices of mandatory audits issued under Section 214D to the late filers of returns,” Shahzad added. “The state minister has committed to including this proposal in the mini-budget,” he claimed.

Source: The Express Tribune January 19, 2019 04:24 UTC