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Govt increases tax on National Saving Scheme returns

It will be imposed on both filers and non-filers

SAMAA | - Posted: Jul 5, 2021 | Last Updated: 3 months ago
SAMAA |
Posted: Jul 5, 2021 | Last Updated: 3 months ago
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The government has decided to increase the withholding tax on the rate of return of National Saving Schemes. It will be imposed on both filers and non-filers. The tax on filers’ profit has been increased from 10% to 15%, while that of non-filers has been increased to 30%, a notification issued by the Central Directorate of National Savings stated. The new tax rates came into effect on July 1. Earlier this month, the government increased the rate of return on multiple saving schemes. These include: >10-year Defense Saving Certificates – 9.35% return >Regular Income Saving Certificates – 8.76% return >Six-month Short-term Saving Certificates – 7.20% return The government has maintained the interest rate on Special Saving Certificates, Savings Accounts, and Welfare, Pensioners, and Martyrs Family Certificates. Follow SAMAA English on Facebook, Twitter, and Instagram.
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The government has decided to increase the withholding tax on the rate of return of National Saving Schemes. It will be imposed on both filers and non-filers.

The tax on filers’ profit has been increased from 10% to 15%, while that of non-filers has been increased to 30%, a notification issued by the Central Directorate of National Savings stated.

The new tax rates came into effect on July 1.

Earlier this month, the government increased the rate of return on multiple saving schemes. These include:
>10-year Defense Saving Certificates – 9.35% return
>Regular Income Saving Certificates – 8.76% return
>Six-month Short-term Saving Certificates – 7.20% return

The government has maintained the interest rate on Special Saving Certificates, Savings Accounts, and Welfare, Pensioners, and Martyrs Family Certificates.

Follow SAMAA English on FacebookTwitter, and Instagram.

 
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