Withholding statements to be filed on quarterly basis

Withholding statements to be filed on quarterly basis

ISLAMABAD: Withholding agents shall require to file statement on quarterly basis from fiscal year starting July 01, 2020.

The Finance Bill, 2020 proposed amendments to Section 165 of Income Tax Ordinance, 2001, under which the filing of withholding statement will be on quarterly basis against existing biannual basis.

The requirement of filing withholding statement on biannual basis was introduced through Finance Supplementary (Second Amendment) Act, 2019 as it was required to file on monthly basis.

The bill proposed that filing requirement shall be:

(a) in respect of quarter ending on the 31st day of March, on or before the 20th day of April; 92

(b) in respect of quarter year ending on the 30th day of June, on or before the 20th day of July;

(c) in respect of quarter ending on the 30th day of September, on or before the 20th day of October; and

(d) in respect of quarter ending on or before the 31st day of December, on or before the 20th January.”;

Another amendment has been proposed which stated that every person involved or engaged in economic transactions as prescribed by the Board shall furnish to the Commissioner a quarterly statement in the prescribed form and manner.

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