FBR notifies PSO to pay off taxes

KARACHI: On one hand, Pakistan State Oil (PSO) Company is out of funds to import furnace oil while on the other hand a notice has been served on the company to pay off dues in terms of sales and income taxes worth Rs.7.7 billion, Geo News reported.

PSO officials told Geo News that the company lacks funds to import furnace oil, as it has to recover dues worth Rs185 billion from other government institutions and companies while the company owes another Rs.149 billion to refineries.

Meanwhile, Federal Board of Revenue (FBR) has served a notice on PSO demanding recovery of taxes worth Rs.7.7 billion in terms of sales and income taxes, the officials informed.

Also, FBR has issued directives to all concerned banks to freeze PSO accounts if the latter fails in paying off taxes on scheduled time, they revealed.

PSO officials warned that the country may be battered with worst ever load shedding in days to come; as the company lacks funds to purchase furnace oil, which would result in suspension of oil supply to electric distribution companies.