Income Tax: FBR freezes PTA accounts over Rs3.6 billion in dues
According to a notification issued on Tuesday, the FBR said that it has attached all bank accounts of the PTA for the amount it owed to the exchequer in income taxes.
The PTA was served with a recovery notice under Section 138(10 of the Income Tax Ordinance 2001, to deposit the outstanding liabilities by May 28, which it failed to do so.
The Chief Commissioner, LTU Islamabad formed teams to recover the amount from PTA through attachment of bank accounts and its receivables from Mobile Operators, Wireless Local Loop (WLL) operators, Long Distance & International (LDI) operators, Land Line (LL) operators and the Ministry of Information Technology.
Mobilink settles outstandings
Meanwhile, the Pakistan Mobile Communications' (Mobilink) agreed to pay its outstanding tax amount of Rs2.5 billion (revised down from Rs8 billion) by May30, by availing FBR's Tax Surcharge and Penalty Waiver Scheme.
The issue has been resolved amicably.
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The commissioner LTU, Islamabad need applause for the recovery of Federal taxes in innovative fashion from the regulatory authority. He should be consulted for the recovery of energy sector outstanding which resulted in circular debt of the IPP's, which result in the collapse.
Need assertive officers to the recovery of outstanding, bad debts, and write offs of PSO, and other oil companies to which has created a difficult situation.
Thank you Honorable Commissioner LTU, Islamabad FBR, Hope you will help the country with NEPRA.
The tax waiver is not of 5.5 billion against 8 billion owed - this is only the amount that FBR says mobilink owed in addition to what it has already payed (keep in mind, mobilink is one of the largest tax payers which payed 34 billion last year and surely payed at least that much already this year). What is worrying is that FBR is going after the people who are already paying taxes! Where is the action against people who have payed 0% and form the majority of tax evasion. This sets a precedence that people should not come into the tax net because then they become targets of FBR. Seems to be easier to just evade taxed all together pay nothing and FBR will not do anything!
Good going FBR! Catch the rich and powerful elites of this country please.
@Kaleem: "FBR granted 5.5 billion waiver on 8 billion tax??? I wish I had owned a corporate too."
I did not see reference to a 'waiver' of 5.5 billion. What I saw is that there was a dispute and it has been settled. How do you know that the original claim of 8 billion was legitimate and not an attempt get some bribe by initially inflating the amount and later agreeing to revise it downwards? I am not casting aspersion on Pakistani tax authorities only. We see similar stuff in India also.
FBR has the power to do pretty much damn as it wants. I wish they would put it to good use. The Mobilink case above is astonishing. The earlier demand must have been extortionary. Or else how can you explain they settled for Rs 2.5 billion in the end.
Anyway, I support such "attachments". If the fat cats are not paying up, clobber them with BIG fines.
excellent step but.........
@Not me: deep pockets Sir! Even in FBR
How come FBR always gives tax concessions to the rich and the powerful. Rs 2.5 billion concession is lot of money for this poor country. Can someone look into this please.Does FBR has powers to waive penalties?
Good step..
Across the world companies are given some kind of waiver in tax, although such a huge amount of waiver, i.e. Rs5.5 billion (almost 70% of tax liability) is certainly a first of its kind. As if Mobilink wasn't making money that it needs government support. All the profits are going outside anyway and now the tax is reduced to pay even more dividends!
Why do we even cry when politicians don't pay in millions whereas multinationals are not paying billions!!