ISLAMABAD – Federal government responds over media reports of taxesincrease on cash withdrawal from banks.
Minister of State for Revenue Hammad Azhar stated on Wednesday thatgovernment has not increased tax limit on withdrawal of cash exceedingRs25000 from banks.
The minister in a tweet explained, circulating news regarding increase inwithholding tax on withdrawal of cash from banks exceeding Rs25000 onsocial media is baseless and fake.
‘There has been no change in cash limits or tax rates on withdrawl frombank accounts.
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Only change which has been made through Finance 2nd Supp Act 19 is takingout the tax filers from the scope of relevant law.
Now these withholding provisions are applicable only to non-filers.’
