KARACHI: The Federal Board of Revenue (FBR) has decided to recover its outstanding taxes from K-Electric and has given the task to the Larger Taxpayer Unit (LTU-II), it is learnt here.
Sources informed Customs Today that the FBR has asked the LTU to take action in this regard.
According to the sources, the K-Electric is defaulter of Rs 677million and the FBR has decided to link its account system along with the K-Electric bank account to ensure the recovery of outstanding money.
The sources said that the K-Electric is not paying its dues to the government, adding that now the amount deposited in the K-Electric bank account would automatically be deducted under the head of outstanding taxes. The sources further said that a decision to this effect has been taken after the Shanghai Electric bought the shares of the K-Electric.
The sources informed that the FBR would not directly deduct its taxes from the account of K-Electric.
