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FBR seeks tax recovery reports from RTOs and LTOs

FBR seeks tax recovery reports from RTOs and LTOs

KARACHI: The Federal Board of Revenue has sought a tax recovery reports from RTOs and LTOs regarding loans waved off from five banks.

RTO sources said the FBR had issued instructions to field formation on 18 November through letter No R-151582. The FBR had ordered to prepare tax recovery report on loans waved off by five banks during tax year 2009 and 2015. Sources said the field formations had sent initial details about two banks to the FBR. The field formations had assured the FBR to send details about rest of the banks soon. Sources said billions of rupees loans had been waved off and leviable tax was also not deposited. Sources said a decision would be taken about the FBR’s policies after getting the report.