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| July 11, 2005 | Monday | Jumadi-us-Sani 3, 1426 |
CBR clarifies tax rule for over Rs25,000 transaction
ISLAMABAD, July 10: The Central Board of Revenue (CBR) has clarified that 0.1 per cent withholding tax on cash withdrawal is applicable on each transaction exceeding Rs25,000.
CBR spokesman Habib Fakhruddin told Dawn that the tax was to be calculated on the amount that was in excess of the threshold of Rs25,000. He said if cash withdrawal in a single transaction was Rs60,000, the tax would be calculated on amount exceeding Rs25,000, i.e. Rs35,000.—Our Reporter
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