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Banks seek FBR guidance to deduct WHT from accounts of overseas Pakistanis

Banks seek FBR guidance to deduct WHT from accounts of overseas Pakistanis

ISLAMABAD: Banking authorities have sent a letter to the Federal Board of Revenue (FBR), seeking guidance for deduction of withholding tax from the accounts of overseas Pakistanis, sources said.

According to these sources, banking have asked the FBR about rules and regulations to deduct withholding tax from overseas Pakistanis on banking transactions.

In their letter, they said as the government has imposed 0.3 percent WHT on non-filers on income tax returns but overseas Pakistanis are not bound to submit tax returns in Pakistan so which legal method banks can use for overseas Pakistanis on banking transactions.

Sources further added that the FBR has consulted with legal wing for this issue raised by banking authorities.