ISLAMABAD: The Federal Board of Revenue (FBR) is considering forming a two-member committee to scrutinize the tax payments by Axact. The notification in this regard is going to be issued in near future.
The committee will submit its recommendations regarding levy of taxes on Axact company, the time period allowed to complete its task within two months. This committee is comprising of Deputy Director Inland Revenue Intelligence and Regional Tax Office-III Karachi.
Well informed sources of Federal Board of Revenue told this correspondent that according to documents and proves available to FBR Rs 5 billion taxes and penalties will be imposed on Axact. However, accurate figures of taxes will be available after committee’s report. Sources further said that levy of Rs 5 billion penalty is quite minimum but they are expecting increase in the net amount.
They said that current accounts of Axact are not entitled for tax deductions, but we will provide complete opportunity to them to pay taxes. Sources said that after receiving the tax report FBR itself will deduct the tax amount from Axact company’s accounts. On the other hands FBR will sell the property of Axact and receive the tax amount accordingly.
