The Federal Board of Revenue (FBR) will charge a reduced rate of 0.4 per cent withholding tax on the bank transactions of non-filers under Section 236p of the Income Tax Ordinance up to June 30, 2017. Through an SRO No 289(I)/2017 issued here on Friday, the rate of tax withholding u/s 236p of the Income Tax Ordinance, 2001 has been reduced to 0.4 per cent from 0.6 per cent on the said bank transactions. Following is the text of the SRO 37(I)/2017 issued here on Monday.

In exercise of powers conferred by proviso under Division XXI of Part IV of the First Schedule to the Income Tax Ordinance, 2001 (XLIX of 2001), the federal government is pleased to direct that in its notification No SRO 37(I)/2017, dated 23 January, 2017, the following amendments shall be made namely: In the aforesaid notification, for the words "first day of January, 2017 to thirty first day of March, 2017," the words "first day of April, 2017 to thirtieth day of June, 2017" shall be substituted.

Copyright Business Recorder, 2017