Federal Board of Revenue has issued Notification ref: 849/(I)/2019 dated July 24, 2019.
Through the attached notification the mandatory requirement to file monthly withholding tax statement by the 15th of the month, following the month to which monthly tax pertains as per section 165 of Income Tax Ordinance 2001 (ITO 2001), explained further through Rule 44 of Income Tax Rules, 2002 , is no more applicable, while same has been replaced with the mandatory requirement to file withholding statements on biannual basis only, from now onwards. Furthermore, withholding agents while such biannual withholding statement shall adhere following prescribed mandatory timelines:
- In respect of half year ending on the 30th June, on or before 31st day of July; and
- In respect of half year ending on the 31st December, on or before 31st day of January
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