KARACHI: In a big development on the last day of the year, the Large Tex Prayers Unit (LTU) on direction of Federal Board of Revenue (FBR) directed Habib Bank Limited to freeze the bank accounts of National Insurance Company Limited (NICL) and recovered Rs1.25 billion in terms of federal excise duty (FED) and taxes.
According to documents received by Customs Today, deputy commissioner of LTU Karachi has written detailed letter to the vice president of HBL in which he directed the bank that NICL as taxpayer did not pay the duties and taxes amounting to Rs1.25 billion despite being directed several times through written letters that’s why the bank is being directed to freeze all accounts of NICL and pay the amount through pay-orders or the amount will be deducted from bank.
According to documents, the bank has complied completely with the FBR directions and paid the said amount in three separate pay-orders amounting to Rs500 million, Rs350 million and Rs450 million.
