Cellular Companies Pay Rs42.5 Bln Taxes In 5 Years
Faizan Hashmi Published October 17, 2017 | 02:55 PM
The five cellular companies operating in the country paid income taxes of Rs42549.3 million during the last five years (2012-13 to 2016-17), official data revealed
ISLAMABAD, (UrduPoint / Pakistan Point News - 17th Oct, 2017 ) :The five cellular companies operating in the country paid income taxes of Rs42549.3 million during the last five years (2012-13 to 2016-17), official data revealed.
The cellular companies including zong, Ufone, mobilink, Telenor and warid Telecom paid income tax of Rs6419.3 million during the fiscal year 2012-13 while an amount of Rs10,358.3 was paid in 2013-14.
Likewise, the cellular companies paid taxes of Rs8286.9 million in 2014-15, Rs8149.5 during the FY2015-16 while an amount of Rs9335.3 was paid during the last fiscal year 2016-17, according to the officials data.
As per the data, the highest amount of tax was collected by the government during year 2013-14, followed by 2016-17, 2014-15, then 2015-16 and 2012-13. Meanwhile giving details about the audit of these companies, officials sources said that audit of these cellular companies 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 concerned Commissioner and Federal board of Revenue which is followed by Audit Manual that prescribe a pre-audit conference with the taxpayer in which scope of audit and time line to complete 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 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
More Stories From Business
-
Exchange rates for currency notes
1 hour ago -
Foreign exchange rates
2 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
2 hours ago -
Today Gold Rate in Pakistan 26 April 2024
2 hours ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
11 hours ago -
Pak-US officials engage to enhance trade, investment ties
12 hours ago
-
Stocks fall as tech shares sink, US economy slows
13 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
14 hours ago -
Ahsan Iqbal chairs CPEC JWGs, 13th JCC review-meeting
14 hours ago -
Industries Minister recommends urea fertilizer import to stabilize prices and supply
14 hours ago -
Honda announces US$11 bn EV battery and vehicle plant in Canada
14 hours ago -
Zhao Shirin calls on Punjab Industries Minister
14 hours ago