To modernise tax collection system and facilitate taxpayers the Income Tax Department has launched software for withholding tax collection. The software has been prepared under the Tax Management System and the department held a workshop at Income Tax House here to introduce the new software to all stakeholders. The workshop was attended by representatives from more than a hundred major withholding taxpayers, including insurance and securities companies, besides members of Income Tax Bar.
Saeed Khan, Commissioner Companies III Corporate Region, said that the software usage would reduce effort and human error in filing withholding tax returns. He said it would ultimately lead to reduction in malpractice on both sides.
He said that under the new system taxpayers would only need to fill the figures and the software would determine errors during the filing. Saeed Khan said withholding tax collection has been 20 percent higher in the nine months of current fiscal year. Khan Matiur Rehman, Regional Commissioner Corporate Region, said the government was determined to streamline tax collection procedure.