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21.5pc growth in WHT collection registered

21.5pc growth in WHT collection registered

ISLAMABAD: Federal Board of Revenue has witnessed 21.5 per cent increase in withholding tax collection from salaried class during the first quarter of current fiscal year against the corresponding period of previous fiscal year.

According to FBR quarterly report of first quarter of the current fiscal year, withholding tax collection from salaries stood at Rs 12.137 billion against Rs 9.989 billion in same period of previous fiscal year.

The withholding tax has been the major contributor to gross income tax collection. Its share in gross collection has increased from 58.3 percent to 67.5 percent in the first Quarter (2013-14).

The collection is expected to improve in the next quarter mainly due to increase in electricity tariff and consumption. More than 44.1 percent growth was recorded in WHT on imports due to increase in rates through rationalisation of tariff and introduction of WeBOC, which is a more automated and transparent system and better for monitoring by directorate of withholding taxes.