Axact chief executive paid Rs26 in income tax last year
Rs26 income tax puts Shoaib Ahmed Shaikh's monthly income at Rs33,377
Axact CEO Shoaib Ahmed Shaikh. PHOTO: AXACT/FACEBOOK
Following an earth-shattering report on Axact’s global operations published in the New York Times on May 18, Atlantic Media group’s digital publication Quartz on Tuesday took a deeper look at Axact’s chief executive and founder.
Read: Fake diplomas, real cash: Pakistani company Axact reaps millions
Based on the lowest individual tax rate in Pakistan, Shaikh’s total declared annual income was just Rs400,520, or Rs33,377 a month.
Read: FIA takes Axact employees into custody, seizes equipment following Nisar’s orders
The Quartz report found that Axact was only registered in June 2006, according to the records of the Securities and Exchange Commission of Pakistan (SECP), and only had paid up capital of Rs6 million, according to SECP’s 2010 records.
Read: Axact threatens to sue Pak Tea House for rounding up Twitter reactions
Last fiscal year, Axact paid a little above Rs1.8 million in corporate tax according to FBR, putting the company’s earnings a little above Rs5.5 million (at a 34% corporate tax rate)
Read: Fake diplomas, real cash: Pakistani company Axact reaps millions
Based on the lowest individual tax rate in Pakistan, Shaikh’s total declared annual income was just Rs400,520, or Rs33,377 a month.
Read: FIA takes Axact employees into custody, seizes equipment following Nisar’s orders
The Quartz report found that Axact was only registered in June 2006, according to the records of the Securities and Exchange Commission of Pakistan (SECP), and only had paid up capital of Rs6 million, according to SECP’s 2010 records.
Read: Axact threatens to sue Pak Tea House for rounding up Twitter reactions
Last fiscal year, Axact paid a little above Rs1.8 million in corporate tax according to FBR, putting the company’s earnings a little above Rs5.5 million (at a 34% corporate tax rate)