FBR Unfreezes PIA Bank account .The national flag carrier’s bank accounts have been de-attached by the Federal Board of Revenue (FBR) with consideration for the PIA’s financial situation and cash flow concerns.
The FBR placed attachments on the PIA’s bank accounts.
According to sources, the PIA’s bank accounts have now been released.
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Due to cash flow challenges, PIA is having trouble paying taxes that are due. This matter is being handled legally by FBR and PIA authorities during different contacts and discussions. However, FBR’s bank accounts were frozen as a result of the failure to satisfy obligations.
Notably, PIA is in a terrible financial predicament. The flag carrier is required to pay at least $100 million right away to the half a dozen leasing companies it hired to charter planes, airport authorities, buy replacement parts for planes, and other things. Recently, local media stated that PIA had also been unable to cover salaries and airport fees.
Currently, the PIA pays Rs. 1.3 billion to the FBR each month under the Federal Excise Duty (FED) heading, but the PIA asserts that there are still over Rs. 8 billion worth of taxes owed.