ISLAMABAD: Federal Board of Revenue (FBR) Chairman Syed Shabbar Zaidi Wednesday disclosed that less than 50,000 of the 100,000 companies registered with the Security and Exchange Commission of Pakistan (SECP) were paying their taxes.
During a presser, Zaidi said he had informed the SECP Chairman Farrukh H. Sabzwari of the situation, adding that the companies are bound to pay their taxes “irrespective of having/not having an income or being non-operational” according to the law.
“Either Sabzwari will terminate the company’s membership or I will,” Zaidi said.
Zaidi also commented on the issue of the frozen accounts and said he had received complaints that accounts were being frozen without prior notices.
“I have issued directives that notices should be issued 24 hours prior to the action,” he said.
The FBR chief also dismissed reports that the law pertaining to accounts being frozen had been changed.
He asserted that until the amnesty scheme lasts, the top revenue collection body would try to go for voluntary compliance.