KARACHI: Federal Board of Revenue (FBR) is likely to seize the assets of a private airline for auctioning to recover unpaid taxes of Rs2.93 billion.
The said airline collected the federal excise duty on the sale of tickets on behalf of the FBR, but did not deposit the same into the national exchequer. The Karachi Large Taxpayers Unit (LTU) has already asked the airline to pay the outstanding Rs2.93 billion, including the principal Rs568 million, default surcharge of Rs88.95 million and penalty of Rs2.27 billion.
The law allows FBR to recover any defaulted funds through the attachment of properties and assets of the company’s officials.
