No increase in WHT on cash withdrawal exceeding Rs25000: Hammad Azhar
Government has not increased tax limit on withdrawal of cash exceeding Rs25000 from banks
ISLAMABAD ( Dunya News) - Minister of State for Revenue Hammad Azhar stated on Wednesday that government has not increased tax limit on withdrawal of cash exceeding Rs25000 from banks.
The minister in a tweet explained, circulating news regarding increase in withholding tax on withdrawal of cash from banks exceeding Rs25000 on social media is baseless and fake.
‘There has been no change in cash limits or tax rates on withdrawl from bank accounts. Only change which has been made through Finance 2nd Supp Act 19 is taking out the tax filers from the scope of relevant law. Now these withholding provisions are applicable only to non-filers.’
There has been no change in cash limits or tax rates on withdrawl from bank accounts. Only change which has been made through Finance 2nd Supp Act 19 is taking out the tax filers from the scope of relevant law. Now these withholding provisions are applicable only to non-filers.
— Hammad Azhar (@Hammad_Azhar) March 27, 2019
He further stressed that the WHT for the non-filers at the rate of 0.6 % on amount exceeding Rs50000 remains.
