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ISLAMABAD, June 3: The withholding tax (WT) collections on cash withdrawals from banks have reached Rs1.736 billion during the first nine months of the current fiscal year.
The CBR’s quarterly review report said that since the levy was adjustable in tax assessment, therefore, taxpayers should not be facing additional burden, as is the case with other adjustable withholding taxes.
The tax wizards projected Rs5 billion in the last budget to be generated through the levy by end June 2006. In the 2005-06 budget every bank was entrusted to deduct tax at the rate of 0.1 per cent at the time of cash withdrawals exceeding Rs25,000.
