Govt to introduce fixed tax system, reduction in withholding tax in budget

By: News Desk
Published: 07:16 PM, 7 May, 2022
Govt to introduce fixed tax system, reduction in withholding tax in budget
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The federal government has agreed with the traders to introduce a fixed tax system and a reduction in the withholding tax from 4.5 per cent.

According to the 24News HD TV channel, this was committed by Federal Minister for Finance Miftah Ismail in a meeting with traders on Saturday in Islamabad.

 The channel report said a delegation led by Federation Chamber President Irfan Iqbal Sheikh and the Federal Bureau of Revenue (FBR) Chairman called on the Finance Minister regarding the preparations of the budget 2022-23.

The delegation was comprised of the Federation’s President Irfan Iqbal Sheikh, Senior Vice President Salman Chawla, Regional Chairman Punjab Nadeem Qureshi, Vice President Engineer Jabbar, Chief Coordinator Muhammad Ali Mian, Chaudhry Waheed, Tanveer Sheikh, and Mirza Abdul Rehman.

During the meeting between the traders’ delegation and the finance minister to bring a fixed tax system for small traders and reduce the withholding tax to less than 4.5 per cent.