KARACHI - As the financial year 2011-2012 nears conclusion, the Federal Board of Revenue (FBR) has focused all efforts to reach the Rs 1,952 billion collection target. Chairman FBR has increased monitoring of field offices on revenue collection and to remove obstacles hindering achievement of the revenue target.
The meeting focused on WHT, which is not usually properly deducted nor deposited timely. It was agreed that SBP would instruct all banks to ensure that WHT deducted under the Income Tax Ordinance per its section 149 pertaining to salaries, section 151 pertaining to profit on debt, section 152 pertaining to payment to non-residents and section 154 pertaining to exports is correctly deducted and timely deposited with the government with special attention to make good in June 2012 any shortfalls by banks during the year.
As follow up to the Governor State Bank of Pakistan’s meeting with FBR, the State Bank of Pakistan held a meeting with Pakistan Banks’ Association to discuss the issue of collection and deposit of WHT. SBP is consequently issuing a circular instructing all Banks to ensure proper deduction and timely deposit of WHT to the Govt kitty.
FBR intends to conduct special audit of Banks, after June 2012, to check compliance.