Islamabad: Federal Government has extended 0.3% Withholding Tax (WHT) on banking transactions till 31st of January 2016. According to the media reports, the Economic Coordination Committee (ECC) of the cabinet has extended the date of Withholding Tax on banking transaction till 31st January. The members have been told in a meeting which was chaired by Federal Minister of Finance Ishaq Dar, that the basic reason of extension for relief in WHT is to give some time to FBR and traders in order to make them a part of the formal economy. Few months ago, traders have hold strike against Withholding tax in various cities.
The members of ECC have been also told that the negotiations with the traders are now in final phase and it needs to give some time in order to fix all the issues related with this issue. During this meeting, the members of ECC have also approved to supply 60 MMCFD RLNG to the textile sector for 52 days in the winter season. Minister of Petroleum Shahid Khaqaan Abbasi told the members that supply of LNG will be increased from 17 January to several power stations around the country.
During this meeting, members have also briefly discussed the performance of national exports and suggested the export sector should now have to focus on improving their performance.