As the Financial year 2011-2012 nears conclusion, the Federal Board of Revenue (FBR) has focused all efforts to reach the Rs.1952 billion collection target. Chairman FBR has increased monitoring of Field offices on revenue collection and to remove obstacles hindering achievement of the revenue target. The Chairman FBR Mr. Mumtaz Haider Rizvi and member With Holding Tax Mr. Sardar Amirullah Khan met Governor State Bank of Pakistan during their recent visit to Karachi to improve the revenue collection time. The meeting focused on WHT, which is not usually properly deducted nor deposited timely. It was agreed that SBP would instruct all Banks to ensure that WHT deducted under the Income Tax Ordinance per its section 149 pertaining to salaries, section 151 pertaining to profit on debt, section 152 pertaining to payment to non-residents and section 154 pertaining to exports is correctly deducted and timely deposited with the government with special attention to make good in June 2012 any shortfalls by banks during the year.
