ISLAMABAD: The government on Monday extended the tax amnesty scheme for traders until May 31, 2016 and a formal notification to this effect would be issued shortly.

An official in the Federal Board of Revenue told Dawn that the scheme drew a to poor response from traders despite several extensions.

“Finance Minister Ishaq Dar has already accorded anticipatory approval for extension in the period of applicability of reduced rate of withholding tax at the rate of 0.4pc on banking transactions by non-filers up to May 31,” an official announcement of the finance ministry said.

Around 6,500 traders have availed themselves of the scheme contributing over Rs580 million to the national exchequer. The scheme was introduced in February 2016, initially for a period of one month.

Published in Dawn, May 3rd , 2016