ISLAMABAD: Mobile phone companies are depositing withholding tax to national exchequer on weekly basis, Minister of State for Finance, Revenue and Economic Affairs Rana Muhammad Afzal Khan said.
He said that the cellular/mobile phone companies (Telcos) are collecting withholding taxes from their subscribers, and depositing the same on weekly basis in the National Exchequer.
Informing the Senate, he said that the government is conducting regular audits of cellular companies, and if any discrepancy is detected or noticed, action under various tax statutes is taken.
Moreover, the minister said that considering the challenge of examination of massive volume of mobile phone subscribers’ transactions are being generated by each Telco running into millions on daily basis.
Replying to a question, the minister said that presently 34 public and private sector banks are operating in the country. He further informed that 22.209 million PLS and 26.106 million Current Accounts are being maintained by the commercial banks as of 30th June, 2017 in the country. Muslim Commercial Bank (MCB), Islamic Bank and Bank of China-Pakistan were granted license to operate from 12-06¬2014 and 11-05-2017 respectively, he added.
