ISLAMABAD: Pakistan’s ‘leading’ but scandal-hit IT company, Axact’s Chief Executive Officer Shoaib Ahmed Shaikh paid just Rs26 (26 cents) tax for the fiscal year 2014, the tax directory shows.
The lowest individual tax rate in Pakistan is 5% for earnings above Pakistan Rs400,000, meaning that Shaikh’s total declared income, based on his tax rate, was just Pakistan Rs400,520, or about $3,929.
Axact, as per the records of the Securities and Exchange Commission of Pakistan (SECP), was registered on June 06, 2006 in Karachi. The company, according to SECP’s 2010 records (downloadable Excel sheet), had paid up capital, or fully-funded shares, of only Pakistani Rs6 million ($58,860).
However, according to government’s tax directory, this apparent Pakistani private-sector behemoth paid Rs1.89 million ($18,543) in taxes in financial year 2014.
