ISLAMABAD: The Federal Board of Revenue (FBR) has directed Member Inland Revenue (Operations) to bifurcate the amount of tax from the Workers Welfare Fund (WWF) for a refund of the excess amount of the WWF to the industrial undertakings.
According to the FBR’s instructions issued to the Member Legal and Member IR (Operations), it is clarified that the WWF is collected by the officers of Inland Revenue from the industrial establishments at the rate of two percent whose total income is not less than Rs0.5 million.
The mode of payment and recovery from the industrial undertaking is mentioned in section 4 of the Workers Welfare Fund Ordinance, 1971. The said amount is paid by the industrial establishment on or before the date prescribed for filing of return and proof of payment is furnished to the concerned officer.
If the officer does not agree with the working of the industrial establishment, shall pass an order by taking into account the amount paid by the industrial establishment and the industrial establishment shall pay the amount on or before the date specified in the order. Similarly, the excess amount shall be refunded by the concerned officer to the industrial establishment.
The FBR added that the amount of tax and WWF should be bifurcated. The WWF that is refundable should be refunded from the WWF account only.
Copyright Business Recorder, 2023
Comments
Comments are closed.