The Minister for Planning and Development Ahsan Iqbal has issued directions to initiate an investigation of the tax authority for sealing the bank accounts of a Chinese organisation working on the $1.5b Karot hydro-power project which comes under the China-Pakistan Economic Corridor (CPEC). Iqbal took notice of this incident during a progress review meeting in relation to CPEC projects.
According to the information available, the Federal Board of Revenue’s (FBR) field formations had acted against the Chinese organization that had no tax liability and sealed its bank accounts in the process. It also came to notice that the FBR field formation had initiated this action without the prior permission of FBR’s headquarters.
Iqbal also stopped the FBR from initiating action against any Chinese company working under the CPEC without the authorization of the Finance and Revenue minister. He also urged the FBR to properly regulate its field formations and shouldn’t be allowed to proceed against any foreign companies without the consent of its Chairman.
