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Thursday 25 July, 2024
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Budget 2023-24: Govt raises the withholding tax on international credit card transactions by 5 times

BY Shahzad Saeed Jun 09, 2023. 07:30 pm UPDATED: Jun 09, 2023. 07:30 pm

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In the fiscal year 2023–24 budget, the federal government decided to raise the Withholding Tax (WHT) on international credit card transactions from 1% to 5%.

Under section 152(1C) of the aforementioned Ordinance, the government has also proposed raising the rate of the fee for off-sure digital services from 10% to 15%.

Ishaq Dar, the finance minister, said that closing loopholes and building up foreign exchange reserves would help to advance this cause.

Dar claimed that in order to accomplish this, the government decided to raise the WHT on transactions involving credit/debit cards and banking channels to 5%.

Relevantly, this action aims to encourage the general public to fulfill their legitimate foreign exchange needs through documented banking channels, which are typically more secure, while also avoiding loopholes that obstruct forex growth.

Read more: Government to Offer Big Discount for Card and Wallet Payments at Islamabad Restaurants

 

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