LAHORE (City News) – A team of the Inland Revenue officers visited the All Pakistan Textile Mills Association (APTMA) Punjab on Tuesday to brief the Association members about the salient features of Withholding tax (WHT).
The Inland Revenue team explained the rationale and background for the imposition of WHT and their contribution in the overall taxation and economy of Pakistan.
It further elaborated that the purpose of WHT was not only to collect taxes in time but also to facilitate taxpayers in discharge of their tax liability in instalments spread over 12 months period, as the lump sum payment of the whole amount of tax incurs heavy financial burden on taxpayers.
The Inland Revenue team made a presentation about the adjustment of WHT and the method as well as payment of correctly calculated WHT to the exchequer.
The APTMA management thanked the team of Inland Revenue for sparing valuable time and educating members regarding correct and efficient discharge of tax liability as per law. It further hoped that such interactions between the two sides would continue in future to benefit the department and the members of the Association in future.