The Federal Board of Revenue (FBR) has frozen the bank accounts of Independent Media Corporation (Pvt) Limited, the owner of Jang newspaper and Geo News Network.
The bank accounts were frozen after the media corporation failed to pay sales taxe to the FBR.
In a notice issued to the organisation, the FBR said that sales tax between the period of July 2004 – June 2006 and May 2007 – September 2007 were not paid by the organisation.
For the July 2004 – June 2006 period, the organised was directed to pay Rs58,735,016 as default surcharge and Rs 193,594,513 as penalty.
For the May 2007 – September 2007 period, Rs 53,014,683 was required to be paid as default surcharge and Rs 141,893,442 as penalty.
The FBR directed the organisation to pay the required the sum by January 31, 2019.
“You are requested to pay the aforementioned amounts of penalty and default surcharge by or before 31.01.2019,” the notice read.
However, the media house reportedly failed to pay the sum to the FBR after which its bank accounts were seized.
The organisation is yet to issue a formal response on the development.