LAHORE: Federal Board of Revenue has only been able to recover Rs 12,500 out of the tax liabilities worth Rs 10 million by seizing accounts of Moeez Steel Industry located at the Momin Pura Road.
Sources said that Regional Tax Office team raided Askari Bank Limited in order to recover tax liabilities of Moeez Steel Industry for the tax year 2009, 2010 and 2012 amounting to Rs 10 million. As it turned out, the bank accounts barely had any credit to be seized.
The team could recover only Rs 12,500 due to insufficient funds in the company’s account, the sources added.
