ISLAMABAD: Federal Board of Revenue has implemented a national enforcement plan 2013-14 to achieve the targets of advance/withholding taxes (WHT) from educational institutions, dealers, commission agents, etc. and also issued instructions to field formations for evaluating collection in respect of new withholding measures introduced by Finance Act, 2013.
Sources said, “The plan 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.”
Sources said that the huge revenue could be generated in 2013-14 through effective monitoring of taxes from the said areas. In this regard, FBR was fully focussed on the new revenue measures introduced through Finance Act, 2013 to achieve budgetary target.
They further said that the changes in rates and amendments to the law had also been made in new measures, but this enforcement plan was particularly about the newly-introduced withholding provisions from Sections 236-D to 236-J of the Income Tax Ordinance 2001. The tax authorities have also approved the parameters and guidelines to regularly monitor the tax collection on monthly basis.