PESHAWAR: The Federal Board of Revenue (FBR) has proposed some changes in the procedure for collection/deduction of tax by a person other than the federal/provincial governments under section 160 and Sixth Schedule of the Income Tax Ordinance 2001.
The SRO 206 (1)/2017 issued the other day stated that the FBR has issued draft of certain amendments in the Income Tax Rules-2002.
Under the Rule 43 (Payment of tax collected or deducted) as required under Section 160 and under the Sixth Schedule to the ordinance, the tax collected or deducted under Division II or Division III of Part V of Chapter X of the Ordinance, Chapter XII of the Ordinance or Sixth Schedule to the Ordinance shall be paid to the commissioner by way of credit to the federal government as the tax has been collected or deducted by the federal government or a provincial government on the day the tax was collected or deducted.
In the aforesaid Rules, in rule 43, for clause (b), the following shall be substituted namely: “(b) where the tax has been collected or deducted by a person other than the federal government or a provincial government,-
(i) by remittance to the government treasury or deposit into an authorized branch of the State Bank of Pakistan or the National Bank of Pakistan within seven days from the end of each week ending on every Sunday; and (ii) by remittance abroad to a non-resident through State Bank or any other banking company prior to remitting abroad of the amount from which tax is to be deducted or collected,” proposed amendment added.
The FBR declared it compulsory to announce or denounce the act of figure in the form of tax within a period of seven days and also the authorities were directed to issue clearances within a required period of Time.
