While Eurobonds were issued at 8.25 pc, an unjustified 0.6 pc withholding tax was imposed on their deposits
DUBAI: It is interesting to discover that Eurobonds have been issued at the rate of 8.25 per cent while at the same time the government is discouraging non-resident overseas Pakistani workers to park their savings back home due to an unjustified 0.6 per cent withholding tax being imposed on their deposits, especially where non-residents are not required to file a return of income tax.
Furthermore, even if they wanted to file a NIL return of income tax electronically, the system doesn’t allow it due to the many hiccups it creates while processing the registration application. I have written to the Federal Board of Revenue many times regarding this, but received no response.
Mohammad A. Ashraf
Published in The Express Tribune, October 2nd, 2015.
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