Telenor Pakistan Bank Accounts Frozen by FBR Due to Income Tax Default

The Federal Board of Revenue (FBR) has frozen the bank accounts of Telenor on account of its income tax default amounting to approximately Rs3.5 billion. The company owes the government of Pakistan as arrears of tax liability from previous years, which it has failed to pay. All appellate for a as well as Islamabad High Court has dismissed the appeals and directed the company to pay the government dues. FBR has also issued notices to various other third parties which are holding money or other assets on behalf of  Telenor. This amount is payable by Telenor towards the government of Pakistan as arrears of tax liability from previous years, which Telenor has failed to pay.

The Federal Board of Revenue (FBR) is considering freezing and liquidating all financial assets of Telenor Pakistan to affect recovery of the defaulted tax amount. FBR’s large taxpayers’ office is also taking up the issue of major default committed by Telenor with its head office located in Norway through its International Taxes Wing. Sources further revealed that notices are also expected to be issued to Excise and Taxation department, while CDA and Gulberg will be asked to attach all immovable properties of┬áTelenor under the tax law until their default is paid in full. The company has challenged the order and appealed the order within the hierarchy of Islamabad High Court.

SOURCEPakistan Today

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