ISLAMABAD: Reforms and Resource Mobilization Commission (RRMC) has recommended the withdrawal of the quarterly statement being filed by the withholding agents in the coming budget (2023-24) to avoid duplication of tasks by such agents.

According to the recommendation of the RRMC to the government for the federal budget (2023-24), presently, withholding agents are required to deposit tax withheld by them into the Government treasury within the deadline mentioned in Rule 43 of the Income Tax Rules, 2001.

Moreover, they are also required to file quarterly statement under section 165 of the Income Tax Ordinance, 2001.

Considering the fact that all requisite details are already provided by withholding agents at the time of preparation of Payment Slip Identification (PSIDs); therefore, in order to avoid duplication of tasks, requirement for filing of quarterly statement should be abolished.

Existing practice results in duplication of tasks performed by the taxpayer without any additional benefit to the government exchequer, the commission added.

Copyright Business Recorder, 2023