The Finance Ministry has approved recommendations from IRS to withdraw and revoke a rate reduction for withholding tax under the companies’ income tax rules. The withholding tax regulations had effective on 1st January 2015 and from that time the withholding tax (WHT) rate applies to payments regarding all aspects of building, construction, and related activities (excluding survey, design and deliveries) has reduced from 5% to 2.5%. Once the regulations are officially revoked, this WHT rate will back to 5%. However, the 2.5% reduced rate will continue to apply until the revocation notice publishes.