LTU attaches bank accounts of 17 firms to recover Rs 18 billion taxes

Large Taxpayers Unit (LTU), Karachi, has attached bank accounts of some 17 private and public companies to recover around Rs 18billion tax liabilities outstanding against them, it was learnt here on Thursday. According to sources, the city's LTU, the biggest revenue generating arm of the Federal Board of Revenue (FBR) had identified 46 defaulted taxpayers belonging to exploration and production (E&P), insurance, banking, oil marketing companies (OMCs), sugar and pharmaceutical sectors.
These taxpayers have around Rs 18 billion outstanding tax liabilities, including income tax, sales tax and federal excise duty. Moreover, sources said that department had recovered around Rs 3.75 billion after seizing bank accounts of some 17 tax defaulters, while other defaulted taxpayers, were being served notices under Section 140 of Income Tax Ordinance, 2001 and Section 48 of Sales Tax Act, 1990.
The LTU, Karachi, with a view to making its tax recovery campaign successful has adopted 'zero tolerance policy', the sources said, adding that these 46 tax defaulted companies were directed to discharge their current tax demand and arrears of the last two years. They said that department in order to meet its June's revenue target of around Rs 102 billion has geared up all its efforts to recover outstanding tax liabilities of around Rs 18 billion before the end of current month.