ISLAMABAD: Federal Board of Revenue (FBR) has directed filed formations to ensure timely deduction of withholding tax from development funds provided through Public Sector Development Fund (PSDF) and Annual Development Project (ADP) and also provide funds details of all districts of Punjab province.
According to official sources, the board has issued an official letter to field formations of RTO Lahore, RTO-II Lahore, RTO Multan, RTO Bahawalpur, RTO Sargodha, RTO Sahiwal, RTO Sialkot, RTO Gujranwala, RTO Rawalpindi and RTO Faisalabad to provide details of Public Sector Development Fund (PSDF) and Annual Development Project (ADP) for February 2019 for all districts of Punjab and directed them to ensure the timely deduction of withholding taxes from these funds and deposit it to the national exchequer.
The board also directed the field formations to reconcile the withholding taxes deducted on the supplies of funds and ensure that withholding taxes amount on these funds are properly are deducted, sources confirmed.
Meanwhile, the board also directed the field formations to also coordinate with the AGPR and project offices concerned on daily basis in this regard.
Sources also added that the withholding tax rates are defined for these funds; however, the board aimed to ensure the timely deduction of WHT for February 2019.