A seminar on "Issues relating to Withholding Tax under the Income Tax Ordinance, 2001" held at Regional Tax Office on Monday. The Income Tax Bar Association (ITBA), Karachi, organised the seminar that was widely attended by the tax consultants, lawyers and others.
Haider Ali Patel, partner, Fort Rhodes Sidat Haider & Co, the key speaker of the occasion, presented his paper on the topic. Haider mentioned that the adjustment of previous' years refund is still not allowed for the salaried employees and suggested its immediate order.
Haider was of the view that the collection of tax by stock exchanges from customers and financiers on their trading and financing activities should also be withdrawn forthwith due to the complex and ambiguous collection methodology.
Patel also said to phase out gradually Final Tax Regime and said that the corporate sector should completely be withdrawn from FTR as a first step. He also demanded for making remedial amendments for the problems caused by the sections 149, 150, 151, 153, 231A and 233A of Income Tax Ordinance, 2001. ITBA President Abdul Qadir Memon and Secretary General Muhammad Zubair also spoke at the seminar.