LAHORE: FBR’s Regional Tax office seized bank account of Anwar Steel Mills, recovering Rs 3.6 million as tax liability for the Tax Year 2011. The total amount of taxes owed by the mill was over Rs 10,363,000.
However, FBR did not succeed in recovering Rs 6,763,000 due to insufficient balance in bank account of the company.
Sources said that FBR team recovered the amount from the company’s account at Bank Alfalah Limited, Badami Bagh branch, Lahore.
FBR in order to achieve its targets has sped up the campaign against the tax evaders. Earlier, RTO Lahore recovered around Rs 18 million seizing bank account of Eden Housing Limited.
Experts say that recovery of taxes by seizing big fish bank account is internationally recognized method that helped revenue authorities to meet their targets elsewhere. However, the funds should be properly used for the welfare of people which make them give up evade the taxes.
There is a need to devise an independent system of making good use of taxes for the sustainable development in the society instead of enabling concentration of wealth in the hands of few influential persons.
