LAHORE: The Federal Board of Revenue has issued notice to Water and Power Development Authority (WAPDA) to pay sales tax on electricity produced by hydro resources.
The Government of Pakistan has imposed sales tax on hydro electricity. WAPDA is producing electricity of Rs 5.95 billion every month and is bound to pay sales tax on its production. But WAPDA is not paying sales tax on this production. According to sources, WAPDA uses collected revenue from the sale of this electricity to earn bank interest on it.
WAPDA has to pay Rs 6.43 billion sales tax to the Federal Board of Revenue. Now the FBR has issued notice and asked to pay tax otherwise the bank accounts will be blocked.
The FBR can freeze bank account of any defaulter as the Lahore High Court has allowed the board to collect taxes from defaulters even by freezing their bank accounts.
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