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FBR recovers Rs1.47b from power companies after freezing bank accounts

FBR recovers Rs1.47b from power companies after freezing bank accounts

ISLAMABAD: Federal Board of Revenue (FBR) has attached bank accounts of power companies and recovered at least Rs1.47 billion collectively in order to balance its revenue shortfall.

According to official sources, the board has attached the bank accounts of Central Power Purchasing Agency (CPPA) and recovered at least Rs80 million while also attached the account of Islamabad Electric Supply Company (IESCO) and recovered at least Rs67.30 million.

Sources said that the ECC has advised the FBR not to freeze the accounts of power distribution companies, National Transmission and Distribution companies and Central Power Purchasing Agency till the solution and fixing of the outstanding dues and directed the board to call a consultation meeting of all stakeholders to discuss the matter and also submitted the suggestions and recommendations in this regard.

Sources confirmed that ECC directed the board to summon a consultative meeting in order to avoid any unsatisfactory situation for the power distribution companies, however, the board has attached the accounts and recovered the amount to overcome shortfall faced by the board in collecting the tax revenue.

It is important to mention here that the board is facing a tough time while achieving the assigned targets where the board has recorded at least Rs99 billion of revenue shortfall during current five months of Fiscal Year 2018-19.