WORKSHOP ON CHANGES IN WITHHOLDING TAXES THROUGH FINANCE ACT, 2014
WORKSHOP ON CHANGES IN WITHHOLDING TAXES THROUGH FINANCE ACT, 2014
A workshop has been organized on 16/09/2014 in Regional Tax Office, Faisalabad at Conference Room to educate the Withholding Agents about the changes in Withholding Tax Regime introduced through Finance Act, 2014. The Representatives from various Organizations including Provincial / Government Departments participated in the workshop. The session was opened by the Chief Commissioner IR, by welcoming the participants and emphasizing upon the role of Withholding Agents in tax collection. The Chief Commissioner IR, also highlighted the major changes in broader spectrum.
It was followed by a detailed presentation by Mr. Muhammad Mazhar Ejaz, Inland Revenue Officer, enlightening the withholding agents about major changes of rates on Import of Goods, Supply, Services and Contracts, Commission & Brokerage, and newly introduced provisions of withholding taxes under section 235A (Tax collection on amount of Electricity bills on domestic consumers exceeding Rs.1 Lac), 235B (Tax on Steel melters, re-rollers etc), and Section 236K (Transfer of Property exceeding Rs.3.000(M)). Concept of Filer and Non-Filer introduced through Finance Act, 2014 has been discussed in detail. Identification of Filer / Non-Filer from Active Taxpayer list has been demonstrated before the Representatives to facilitate them. In case of non-availability of Active Taxpayer List in different departments, Circular No. 03 of 2014 dated: 06/08/2014 has been deliberated upon. The withholding agents indicated problems regarding creating of PSID and e-filing of withholding statements. Manager PRAL, Mr. Ehsan ul Haq, responded to different queries raised by them. . Excise & Taxation Department had issues about different Codes in respect of withholding tax collection under section 231B on Registration / Transfer of Private Vehicles.
It was interactive session and questions and answers were taken during and after the presentation. The participants appreciated the efforts made through this workshop and requested for the copy of presentation made, being very comprehensive and easier to understand. The workshop ended with vote of Thanks from Chief Commissioner IR, Regional Tax Office, Faisalabad.
