Govt End 10 Withholding Taxes

Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh Saturday said the government had abolished 10 types of Withholding Tax (WHT) in the Budget 2020-21 in order to provide maximum relief to the masses.

“We have given multiple incentives to some sectors like reduction in Capital Gains Tax to stimulate job creation in the country,” he told the media here in the post-budget briefing.

He said duty on import had been decreased from five percent to two percent. Federal Excise Duty on cement had been reduced, whereas sales tax on transact through automation was also brought to 12 percent, he added.

Dr Hafeez said the government had withdrawn duties on the import of testing kits for deadly diseases such as coronavirus, cancer and others.

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