The Central Directorate of National Savings (CDNS) is reported to have collected Rs 17.06 billion withholding tax from investors during the past five years. Data obtained by this correspondent showed that during 2007-08, Rs 1.4 billion was collected as withholding tax, Rs 2.23 billion in 2008-09, Rs 2.92 billion in 2009-10, Rs 3.82 billion in 2010-11 and Rs 7.29 billion during 2011-12.
According to CDNS officials, the directorate "collects 10 percent withholding tax from investors of more than Rs 150,000 in various saving products. "We have started automation of our branches across the country that has improved the overall quality of services and that is why there was a 48 percent increase in total amount of withholding tax collected in fiscal year 2010-11 and 2011-12," sources said.
They said that there were 400 braches of CDNS across the country. Under PC I, the phase II of the CDNS automation project, 120 branches in eight regions were automated - a process that will be completed in two years. The remaining 280 branches are likely to be automated during the third phase.
"Phase I of Automation project started in 2009 and was completed in September this year. The PC I for phase II of automation of CDNS branches has been approved by the Ministry of Finance and is now awaiting approval from the Planning and Development Division. The total budget approved for the second phase is less than Rs 1 billion and in the next expected meeting of the Central Development Working Party (CDWP) in the last week of December, PC I of phase II is likely to be approved," the sources maintained.
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