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FBR’s demand for recovery of 5% remaining WHT on FY20 profits disappoints UNISAME

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September 24, 2020 (MLN): The Union of Small and Medium Enterprises (UNISAME) has expressed deep regret on the shocking demand of the Federal Board of Revenue (FBR) for recovery of 5% remaining withholding tax (WHT) from account holders from profits earned during last fiscal year July 2019 to June 2020.

President UNISAME Zulfikar Thaver  said the banks and financial institutions were deducting 10% WHT on profit paid to their filer account holders during the period July 2019 to June 2020

The account holders have now learned from their Income Tax Practitioners (ITP) that they were supposed to pay 15% and not 10% of their income on profit has exceeded Rs 500000 per annum

The question raised by account holders is that why was the FBR sleeping all this time and did not clarify with the banks right in the beginning and creating this big burden on the account holders already burdened with the highest ever inflation.

Most of the people who depend on the profit from income on savings or certificates are retired senior citizens and now demanding 5% from these people especially during these circumstances of the pandemic and floods is unbearable. 

Thaver said, “We would also blame the banks for not seeking clarification and the FBR equally for ambiguous notifications causing hardships to income tax filers.”

It is very irresponsible of FBR to leave loose ends in such matters causing problems and difficulties to income tax assets.

Since the finance bill was passed in the assembly it has to be followed in toto and the taxpayers are liable to pay the same. Some account holders may not be in a position to pay the dues due to the non-availability of liquid funds in that case it is to be seen how FBR facilitates the underprivileged and the senior citizens.

Posted on: 2020-09-24T13:14:00+05:00

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