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Ginners ought to abide by FBR rules – PCGA
26
Jul '11
As withholding agents, ginners need to strictly follow the Federal Board of Revenue's (FBR) rules and regulations, Pakistan Cotton Ginners' Association (PCGA) has said.

PCGA said that the ginners are under an obligation to charge 10 percent withholding tax from supplier or intermediary and pay the same to national treasury.

However, farmers or landlords would not be subjected to such tax deduction, if they furnish a valid certificate of revenue department.

PCGA has stated that all payments in excess of Rs. 50,000 should be made through cross cheque and as mandated by law, the ginners should keep the computerised National Identity Card Number and national tax number of the supplier in their custody.

PCGA said that the ginners need not violate any of the FBR rules and regulations and they may get in touch with the PCGA help desk or its tax advisors, in case if any complications arise.

It further stated that Section 153 of the Income Tax Ordinance has been amended to allow the ginners to make payment of the withholding tax, rather than deducting the same from payments by withholding agents.

Hence, the ginners would be required to produce proof of tax payment to the withholding agents, while the withholding agents would still have to file necessary withholding tax statements, inter-alia based on the challans furnished by the ginners.

In case of lack of evidence of payment, the withholding agents need to deduct tax, as mandated by law, the PCGA said.

Fibre2fashion News Desk - India


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