Instructions: Banks asked to deposit taxes on time
SBP said the discharge of this responsibility attains further importance at the close of the fiscal year
KARACHI:
The State Bank of Pakistan (SBP) has asked all banks, Development Finance Institutions and Microfinance Banks to remain fully cognisant of their legal responsibilities in respect of timely deduction of applicable taxes on eligible transactions and corresponding credit to accounts of government treasury. In a circular released on Monday, SBP said the discharge of this responsibility attains further importance at the close of the fiscal year, where all receipts and credits are to be reflected in the same timeframe. Therefore, the institutions are advised to ensure that appropriate procedures are put in place for timely credit of all tax receipts to the Federal Board of Revenue (FBR) account. The receipts for the current fiscal year are to be deposited in the FBR account, on or before the close of business on June 30.
Published in The Express Tribune, June 12th, 2012.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ