ISLAMABAD: Sustainable Development Policy Institute (SDPI) on Friday revealed that the government sector companies were the highest tax payers in the Fiscal Years 2012-13 which was very encouraging and an example set for others.
This was said by Dr. Abid Suleri, Executive Director (ED) SDPI while addressing a media briefing here.
Giving details, Suleri said, the state run OGDCL was the largest tax payer company with total tax payment of Rs 36.96 billion, followed by Pakistan Petroleum, which paid a tax of Rs 15.40 billion.
Other large tax payer company was Habib Bank Limited (HBL) with a tax payment of Rs 11.78 billion he said adding that the Government Holdings Company paid Rs. 10.75 billion, Fauji Fertilizer Rs 9.90 billion, Muslim Commercial Bank, PSO, UBL, Pak Arab Refinery, Kotadu Power, BHP Petroleum, ABL, Bank Al Habib, PTA, Pakistan Oil Field, Unilever are also part of billions tax payer club, he added.
The SDPI also examined the FBR tax directory conclude that, out of total direct taxes Rs 739 billion collected in FY 2012-13, Rs 344.67 billion or 47 % of the total income tax was deducted from at source as this tax was paid by the registered business enterprises, Suleri said.
He apprised the media that the FBR collected Rs 395.01 billion or 53% from individuals or non registered entities.
According to available data, by June 30, 2013, a total of 61,989 companies were registered with the Securities and Exchange Commission of Pakistan (SECP), whereas, only 23,845 or 38 % registered companies filed tax returns with the FBR, he argued.
Out of these 38 % companies which file tax returns, 10,639 or 17% companies filed zero tax and only 21 % companies’ paid amount in their tax returns.
However, the tax contribution of these 21 % registered companies was Rs 315.85 billion or 43% of total direct tax collection for the year under study, the ED informed.
There were only 45 companies which paid tax of more than one billion rupee and there tax contribution was Rs l92.778 billion, Suleri concluded.