Parliament greenlights withholding tax hike bill

2 weeks ago

The Parliament on Monday greenlighted a government bill designed to double the withholding tax on payments to foreign contractors. The amendment to the Income Tax Act, sponsored by Mathiveri MP Hassan Zareer, seeks to increase the withholding tax on payments to foreign contractors from 5 percent to 10 percent. The bill was accepted for consideration with a majority vote of 64-1 on