ISLAMABAD: The Federal Board of Revenue (FBR) asked the banks to refund excess dedication of Withholding Tax (WT) on transactions today.

According to the press, the rate of Withholding Tax on bank instruments issued out of account has been reduced from 0.6% to 0.3% till 30 -9-2015, through Presidential Ordinance dated 11.7.2015.

It has been reported to FBR that some of the banks are still deducting tax on bank instrument of non-filers @ 0.6%. The FBR has directed the banks that if any bank has still deducted tax @ 0.6% on 13th of July, 2015 onwards, the excess amount must refunded/ adjusted immediately.