The Council of Islamic Ideology (CII) on Wednesday clarified that no final decision had been taken yet on the issue of withholding tax on money transfers and withdrawals after the body earlier declared it to be “un-Islamic”.

The CII made the earlier decision and others at its 243rd meeting today, presided over by CII Chairman Allama Dr Muhammad Raghib Hussain Naeemi, the press release read. “The council declared the withholding tax imposed on withdrawal or transfer of money as excessive and declared it un-Islamic,” the press release said.

As per the Federal Board of Revenue (FBR), withholding tax is an advance payment of tax deducted at the time of economic activities specified........

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