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Pakistan’s state bank proposes abolition of Withholding Tax on cash withdrawals

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NP newsroom

ISLAMABAD: The State Bank of Pakistan (SBP) has proposed abolishing Withholding Tax (WT) on cash withdrawals from banks, in the upcoming budget, as well the abolition of Super Tax on the banking sector.

The state bank made this proposal on the premise that banking channels were avoided most times by businesses and individuals alike because of “such intricacies” that discouraged people from going through the banking sector and encouraged “irregular monetary channels, according to sources.

The SBP is also said to have proposed a tax exemption for a Corporate Restructuring Company (CRC) for five years from when it begins operations.

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