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Advance/WHT targets: FBR implements enforcement plan 2013-14

The Federal Board of Revenue Monday implemented a national enforcement plan (2013-14) to meet assigned targets of advance/withholding taxes in budgetary measures from educational institutions, dealers, commission agents and arhtis, etc. The FBR has issued instructions to field formations, here on Monday for constant evaluation of collection in respect of new withholding measures introduced by Finance Act, 2013.

Sources said the enforcement plan (2013-14) pertaining to advance tax covers collection from 236D - Advance tax on functions and gatherings; 236E - Advance tax on foreign-produced films, TV plays and serials; 236F - Advance tax on cable operators and other electronic media; 236G - Advance tax on sales to distributors, dealers and wholesalers; 236H - Advance tax on sales to retailers; 236I - Collection of advance tax by educational institutions and 236J - Advance tax on dealers, commission agents and arhtis, etc.

The effective monitoring of taxes from the said areas would result in major jump in revenue collection in 2013-14, sources added. According to the FBR, in order to achieve budgetary target, the FBR is heavily relying on the introduction of new revenue measures introduced through Finance Act, 2013. In these new measures there is a change in the rates and amendments to the law, however, this enforcement plan is specifically about the newly introduced withholding provisions from Sections 236-D to 236-J of the Income Tax Ordinance 2001. For the constant monitoring of the collection made in these sections on monthly basis the tax authorities have approved the parameters and guidelines.

The FBR has further directed the RTOs to share success stories and any innovative method applied in order to share them with the rest of the field formations. Information on account of new withholding revenue measures introduced vide Finance Act, 2013, to be reported by the RTOs, would cover name of withholding agent; relevant provisions, 236-D, 236-E, 236-F, 236-G, 236-H, 236-I, 236-J; intimation issued/facilitation made; withholding statement status, filed, not filed; in case of non-filing action taken; and withholding tax contribution in July 2013 and August 2013, sources added.

Copyright Business Recorder, 2013



 



 
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Annual2012/13
Foreign Debt $60.9bn
Per Cap Income $1,368
GDP Growth 3.6%
Average CPI 7.5%
MonthlyFebruary
Trade Balance $-1.433 bln
Exports $2.167 bln
Imports $3.600 bln
WeeklyApril 14, 2014
Reserves $9.713 bln