Taxation

Karachi LTU recovers Rs 170 million after attaching company’s account

Large Taxpayers Unit (LTU), Karachi has recovered Rs170 million from Foreign Harbor Engineering Company after the attachment of bank accounts. The said company had defaulted Rs. 515.45 million for tax year 2013 and despite several notices, the company failed to pay the amount in time and also went into appeal against the LTU that restrained the field formation to recover the said amount, pending since 2013.

As the commissioner appeal has decided the case in favor of LTU, the tax department under the directives of Chief Commissioner Dr. Faiz Illahi Memon issued a notice under section 140 of the Income Tax Ordinance, 2001, directing the private bank to attach all bank accounts of the company. Sources in LTU confirmed the tax recovery of Rs. 170 million, following the attachment of bank accounts.

They said that the tax team of Foreign Harbor Engineering Company had approached the LTU and requested to allow more time for paying rest of the amount but the plea was declined.

Sources said that LTU would not detach the bank accounts of the company till the recovery of rest of the pending dues. Replying to a question, sources said that all bank accounts would be detached as company was planning to approach the court for stay order on April 4, 2019 (today).

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