ISLAMABAD: Steel smelters have asked Federal Board of Revenue to extend the last date for submitting withholding tax by about a month and a half. FBR had fixed June 30, 2014 as the last date for depositing WHT by various industries.
Sources told Customs Today that the other industries have not asked for extension of the last date so far.
In a pre-budget meeting held earlier between FBR authorities and steel smelters, matters regarding the issue were discussed and agreed upon for granting sixty to ninety days’ extension of the last date to submit WHT.
It was also agreed that the suggestion will be made part of the Budget 2014-15 but it came out to be missing in the Financial Bill. FBR has by now issued notices to several industries including steel smelters in this regard.
During the recent meeting held between Member Inland Revenue (Operations) and Steel Smelters Association representatives, the traders were of the view that since they had deposited electricity bills in the last days of June which constituted heavy amount of money and in the meanwhile they have to deposit bank instalments, they are facing financial problems. Therefore, the steel smelters should be given time for submitting WHT.
Member Inland Revenue said that the demands of the steel industry were genuine and assured them that they shall be looked into.
