LAHORE: The Federal Board of Revenue (FBR) Regional Tax Office (RTO) Lahore has issued as many as 165 show cause notices to companies for not filing the withholding statements.
As per details, it is a must for all companies to submit their withholding statement to the FBR on a monthly basis to help the board calculate their taxes.
Sources told Customs Today that the FBR has taken action against the companies that did not submit their statements during the first quarter of current fiscal year. They added that heavy penalties would be imposed on the non-filers if they failed to meet the department’s rules.Sources also said that the notices have been issued to various sectors such as textile, oil, steel. Several contractors and builders have also been issued the show cause notices in this regard.According to available documents, the steel companies which did not submit their withholding statements are: Barkat Steel Mills, Sufi Steel Industries, Subhanullah Khair, Ahmad Noor, Liaqat Steel Industries, Rafique Bros Steel, RR Mills and Siddique Iron Industry.
