ISLAMABAD: In order to chalk out a robust plan to enhance withholding tax collection, the Federal Board of Revenue (FBR) has convened a WHT Commissioners’ Conference on December 20.
During the conference, the FBR would seek the comprehensive plans for improving withholding tax collection in remaining period of 2016-17 to overcome the revenue shortfall through withholding taxes. The FBR has directed Chief Commissioners to nominate a senior most Commissioner-IR to represent LTU/RTO concerned for making a presentation in respect of withholding taxes at the conference.
The country’s top revenue authority has also issued instructions to field formations to suggest measures and recovery plan for increasing withholding tax collection in the remaining period of current fiscal year. The WHT contributed around 68-70 per cent to the collection of direct taxes in 2015-16.
The agenda of the upcoming conference included in-depth analysis of withholding taxes by the regional tax offices (RTOs). The RTOs would share the mechanism for the enforcement, monitoring & verification of various withholding provisions regarding filers/non filers; month-wise collection out of current and arrear demand created u/s 161/205 and implementation of newly introduced withholding sections along with revenue impact.
