The Federal Board of Revenue (FBR) has tightened noose around currency exchange companies and asked the State Bank of Pakistan (SBP) to provide their business details for scrutiny.
Well-informed sources in Regional Tax Office (RTO), Karachi told Business Recorder on Thursday that the RTO has sent a letter to the SBP asking it to provide record of money exchange companies running their businesses in Karachi.
To a question, the sources said although some 35 registered companies are working in the megacity but majority is not paying taxes, showing losses in their books. They hoped that the SBP report in this regard would facilitate the department to assess the exact number of money exchange companies in the city.
According to details, made available exclusively to Business Recorder, out of total money exchange companies, only 15 companies are paying nominal taxes, showing minimum annual turnover.
Moreover, around 15 well-known potential companies, who have been granted licence by the SBP, are surprisingly not paying income tax while some three companies are showing annual losses in their financial statements. However, the annual statement of Khanani & Kalia Pvt Ltd, who was accused to transferring some $500million within 10 months, has shown a minimum annual turnover of Rs 3.5million and has paid only Rs 1.2million income tax.
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