ISLAMABAD: On Wednesday Federal Board of Revenue (FBR) honourary chairman Shabbar Zaidi revealed that less than 50,000 of the 100,000 companies registered with the Security and Exchange Commission of Pakistan (SECP) were paying their taxes.
Shabbar Zaidi during a news conference said he had informed the SECP chairman of this, adding that the law states companies had to pay their taxes irrespective of not having an income and being non-operational.
“I have spoken the SECP chairman, either he will remove the company or I will remove it,” Zaidi emphatically said.
The FBR chairman dismissed reports that the law pertaining to accounts being frozen had been changed.
Shabbar Zaidi said he had received complaints that peoples accounts were being frozen without notices issued. The FBR chairman added that he had issued directives that notices should be issued 24 hours prior.
He stressed that until the amnesty scheme lasts the FBR would try to go for voluntary compliance. “I believe if the atmosphere is improved, voluntary compliance will increase.”