Company Register in Pakistan
Company Register in Pakistan. Taxpayer: Company, Tax Number: 45197337
Tax FBR also confirmed it and said the tax amount reflects profits for the purposes of taxation.
An important point worth mentioning here is that in Pakistan an investment has to be shown as an asset and cannot be recorded as revenue gain. Tax FBR has to recognize it as revenue only if it records profit or income.
Like other foreign investments, the tax paid by Gazprom also got registered on the FBR’s taxpayer database.
According to FBR officials, the tax paid by Gazprom has not been registered as it has not been received yet. “If we receive the return in future, the tax will be registered on the taxpayer’s FBR database and if the taxes are not paid in future, the tax amount can be recovered,” said an FBR official who has dealt with foreign investments for many years.
But, in general, tax authorities cannot recover taxes on a foreign investment until the assets are repatriated.
NAB is also investigating the tax amount due from Gazprom on a related inquiry. The probe was launched to find out how the amount was paid as a dividend in the company’s fiscal year of 2014.
Another account holder, Trafigura Oil Limited registered at FBR, also paid a tax in Pakistan in its last fiscal year.
It was registered in 2014 under section 41 of the Foreign Exchange Regulation Act (FERA). Tax officials had carried out an inquiry to find out whether the company paid taxes in Pakistan in order to facilitate its tax payment in the UAE.
NAB is also investigating this matter to find out whether there was any tax obligation or gain in a different foreign bank account of an alleged one-man company. The investigation is being conducted by the anti-corruption authority.
NAB’s official confirmed that the investigation was carried out to find out tax evasion by the said company. The bank statements of the offshore bank account mentioned that there was a tax liability of $40,635.
The officials said the investigation was made on the disclosure from a private bank about its foreign bank account.
But, in Pakistan, tax authorities have to open an offshore bank account in Pakistan and deposit taxes. Tax officials said there was no tax liability on the account. Tax authorities also said the settlement of the funds was made in the UAE because the UAE was the tax jurisdiction for the country.
NAB officials said the authority only investigated whether the company had paid taxes in Pakistan or not. If the tax was not paid in Pakistan, then the money would not be collected in the country in any way. The NAB investigators were investigating whether the company had paid taxes in UAE or not.
NAB officials confirmed that the investigation was not related to any tax violation. It was just a tax probe and the authority cannot take action against tax laws of UAE.
NAB also confirmed that the foreign company had paid taxes in Pakistan and there was no question of any tax evasion in this regard.
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