Cellular Companies Paid Over Rs 42.5 Bln Income Tax In Five Years
Fahad Shabbir (@FahadShabbir) Published October 21, 2017 | 04:45 PM
Five cellular companies operating in the country, including Zong, Ufone, Mobilink, Telenor and Warid Telecom, have paid total income tax of over Rs 42.549 billion during the last five fiscal years (2012-13 to 2016-17), official data reveals
ISLAMABAD, (UrduPoint / Pakistan Point News - 21st Oct, 2017 ) :Five cellular companies operating in the country, including zong, Ufone, mobilink, Telenor and warid Telecom, have paid total income tax of over Rs 42.549 billion during the last five fiscal years (2012-13 to 2016-17), official data reveals.
The companies paid income tax of Rs 6,419.3 million in 2012-13, Rs 10,358.3 million in 2013-14, Rs 8,286.9 million in 2014-15, Rs 8,149.5 in 2015-16 and Rs 9,335.3 in 2016-17. According to the data, the highest amount of tax was collected by the government during the year 2013-14, followed by 2016-17, 2014-15, 2015-16 and 2012-13.
Regarding the audit of the cellular companies, officials sources said their audit was conducted under three tax statues i.e. Income Tax Ordinance, 2010, Sales Tax Act, 1990 and Federal Excise Act, 2005.
The audit commences after the case is selected for audit under Section 177/214C of the Income Tax ordinance, 2001, Section 72B/25 of the Sales Tax, Act, 1990 and Section 46/42B of FED Act, 2005.
Selection is done by both the Income Tax Commissioner concerned and Federal board of Revenue as per Audit Manual that prescribes a pre-audit conference with the taxpayer in which scope of audit and time line to complete the audit is decided.
Consequently Information Document Request (IDRs) is issued for seeking relevant records and information. After obtaining books of accounts and documents provided by the taxpayer an audit report is prepared and if required a post audit conference is again conducted with the taxpayer to apprise the legal and factual discrepancies.
Thereafter, legal notice to amend the assessment order / return of the taxpayer is issued to provide lawful opportunity of being heard. After affording such opportunity amended order is passed containing discussion and findings of the tax audit officer, which is served upon taxpayer along with tax demand notice.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
More Stories From Business
-
Foreign exchange rates
5 minutes ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
1 hour ago -
Today Gold Rate in Pakistan 25 April 2024
2 hours ago -
Meta profits soar but costs of AI cause worry
3 hours ago -
Mired in crisis, Boeing reports another loss
11 hours ago -
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
11 hours ago
-
British-Pakistani firm unveils $35 million luxury apartments for overseas Pakistanis in Islamabad
12 hours ago -
European stocks lose momentum after global rally
12 hours ago -
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
13 hours ago -
CEO KP-EZDMC meets CRBC officials
13 hours ago -
Pakistan among nine poor countries that produces 90 percent cigarettes for world
14 hours ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
14 hours ago