SIALKOT: Federal Board of Revenue’s (FBR) special teams have started auditing 21 Tehsil Municipal Administrations (TMAs) and 18 Registration Branches in Gujranwala and have confiscated all the concerned official records to check withholding tax (WHT) collection.
According to a senior FBR official, the FBR teams were conducting special audit of these TMAs and registration branches to ascertain whether they had deposited their taxes as per the rules and regulations or not.
The officials added that FBR used to collect five per cent WHT of the total amount from all the contractors, suppliers and construction companies against the total value of contracts of development schemes allocated by all federal and provincial government departments.
The ratio of this withholding tax was increased to 6.5 per cent by the government for the ongoing fiscal year. The FBR is expecting to get an additional income of Rs100 million from these TMAs and Registration Branches as withholding tax.
FBR officials revealed that if a person gets his property, amounting to Rs3 million, registered, he would have to pay one per cent capital value tax. If the said person was not a tax payer, then he would have to deposit double the ratio.