FBR freezes Jang-Geo bank accounts
JournalismPakistan.com | Published: 6 February 2019
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The Federal Board of Revenue has frozen the bank accounts of Independent Media Corporation, owner of Daily Jang and Geo News. The action follows the organization's failure to pay overdue sales tax and penalties.Summary
ISLAMABAD – The Federal Board of Revenue (FBR) has ordered the freezing of bank accounts of Independent Media Corporation (Pvt) Limited – that owns Daily Jang and Geo News Television.
FBR had served a notice on the corporation last month pointing out that sales tax for May 2007 to September 2007 amounting to Rs 53,014,683 was required to be paid as default surcharge and Rs 141,893,442 as a penalty.
On the other hand, FBR had directed the Independent Media Corporation to pay Rs58,735,016 as default surcharge and Rs 193,594,513 as a penalty for the period July 2004-June2006.
The organization had until January 31, 2019, to pay the default surcharge and penalty which it did not.
(Representational photo)
Key Points
- FBR freezes accounts of Independent Media Corporation.
- Corporation owes Rs 53 million in sales tax from 2007.
- Additional Rs 193 million penalty for prior tax period unpaid.
- Deadline for payment was January 31, 2019.
- Independent Media Corporation has failed to meet tax obligations.
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