Chartered Management Accountants
Chartered Management Accountants
Withholding Tax (WHT) is the type of Advance Income Tax that is deducted from taxpayers through Withholding agents of FBR. Every company, Banks and Govt. department deduct withholding from the bills payable.
It is the process of collecting taxes to generate revenues by the way of direct taxation. In Pakistan, Withholding Taxes regimes are the major source of Federal revenue collection on a national level. Withholding taxes are the global phenomenon as the major source of revenue generation. Advance taxes paid by taxpayers can be refunded, if applicable, by the government at the end of a fiscal year.
