Credit of tax receipts in Federal Board of Revenue Account

Karachi,   State Bank of Pakistan SBP Monday said Banks, DFIs, MFBs should remain fully cognizant of their legal responsibilities in respect of timely deduction of applicable taxes on eligible transactions and corresponding credit to accounts of Government Treasury/ Federal Board of Revenue FBR.

The discharge of this responsibility attains further importance at the close of fiscal Year, where all receipts and credits are to be reflected in the same time frame/ fiscal year. Banks, DFIs, MFBs are therefore advised to ensure that appropriate procedures are in place for timely credit of tax receipts in FBR Account and proceeds of all taxes including Withholding Tax for the current fiscal year are transferred/ deposited to FBR Account, on or before close of business i.e. on June 30, 2012 (being Saturday).

Further, Withholding Tax on profits paid by Banks, DFIs, MFBs as on June 30, 2012 to depositors should also be transferred/ deposited to FBR Account on or before close of business on June 30, 2012. Accordingly, credible arrangements should also be in place to discharge such liabilities of off-line/far flung branches as of June 30, 2012. SBP may verify compliance of the above instructions during its regular or targeted inspection of Banks, DFIs, MFBs says a circular.

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