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Home / Lahore / FBR’s RTO-I recovers Rs 29m from bank accounts of 2 companies
FBR’s RTO-I recovers Rs 29m from bank accounts of 2 companies

FBR’s RTO-I recovers Rs 29m from bank accounts of 2 companies

LAHORE: The Federal Board of Revenue (FBR) Regional Tax Office-1, Zone II recovered 29 million by attaching bank accounts of two companies.

As per details, RTO-I regional tax office recovered Rs 4.2 million by attaching bank accounts of Info Tech  Company PVT. Official sources said that the account of the company was attached at Askari Bank Limited Branch Gulberg against long standing arrears.

They added that the RTO has issued notices to the company but it did not paid heed to it. Finally the authorities ordered to recover the amount by attaching the company’s accounts.

The RTO-I, zone II also attached four bank accounts of RYK Sugar Mills and recovered Rs 24 million against the current year demand. The sources said that after determining the demand for the current year, the company was informed through the notices but it did not comply with which led the Inland Revenue authorities to recover the tax amount by attaching the company’s account’s at Bank of Punjab Main Branch, National Bank Main Branch, Standard Chartered Bank The Mall Branch and MCB Bank Gulberg branch.

The sources added that the accounts were attached on instructions of FBR assistant commissioners Umer Zeb Khan and Khuram Fakhar.

It is pertinent to mention here the FBR authorities under Sales Tax Ordinance Section 48 have the authority to attach the bank account of the companies for evading sales taxes. The banks are also bound to assist the FBR officials in order to recover the amount of the taxes for any tax year.