CII backtracks on withholding tax ruling, says no final decision made
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Home Council clarifies reports suggesting it had reached a definitive conclusion are misleading The Council of Islamic Ideology retracted its earlier statement declaring withholding tax on financial transactions as “un-Islamic,” clarifying that no final decision had been made on the matter. The 342nd meeting of the CII on Wednesday described the withholding tax on fund transfers and cash withdrawals as excessive and inconsistent with Islamic principles in its initial communiqué. However, the council later issued a clarification on the matter. The follow-up statement, titled “Clarification,” said that reports suggesting the council had reached a definitive conclusion were misleading. It explained that only a preliminary discussion took place among some members, during which opinions varied. “The members have recommended consulting experts in the next meeting for a more detailed discussion,” the statement added. “No final decision has been made by the council on the issue under consideration.”
Published: September 24, 2025 6:01 pm
Source: The Express Tribune — Read original