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Multan RTO to submit final report against top tax defaulter of Rs40b soon

Multan RTO to submit final report against top tax defaulter of Rs40b soon

MULTAN: The Federal Board of Revenue (FBR) has directed the Regional Tax Office to submit detailed report against top defaulters of Rs40 billion.

The Regional Tax Office detected two power distribution companies which are involved in tax evasion of Rs40 billion.

The Federal Board of Revenue (FBR) has sought details of income tax and sales tax from Regional Tax Offices Multan with a view to allow them for the taking strict action against defaulters. Tax authorities of Regional Tax Office compiled the data of defaulters and finalized comprehensive report against defaulters companies.

According to the report Multan Electric Power Company (MEPCO) and Northern Power Company (GENCO 3) are two major defaulter companies. These companies have almost Rs40 billion outstanding amount payable to Regional Tax Office Multan.

GENCO 3 Northern Power generation company is one of the biggest defaulter of Regional Tax Office Multan who has Rs23.97 billion outstanding amount in wake of sale tax and Rs170 million under the head of income tax.

Multan Electric Power Company (MEPCO) have Rs13.645 billion outstanding amount under the head of sales tax and Rs4.70 million was also unpaid in wake of income tax who is one of the major defaulter of the Regional Tax Office Multan. Tax authorities are taking all necessary measures to recover outstanding amount Rs40 billion from these power generation companies.

It is also pertinent to mention here that power generation companies are blaming federal government for the tax default because huge amount have been due against said company for the distribution of power generation.

The Regional Tax Office Multan has issued several notices to tax defaulters for the recovery of outstanding amount and Regional Tax Office has forwarded detail defaulters report to Federal Board of Revenue (Headquarter).