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Wednesday, May 29, 2024

FBR Defrosts Bank Accounts for Pakistan International Airlines

After a protracted dispute over outstanding dues with the Federal Board of Revenue (FBR) was resolved, the bank accounts of Pakistan International Airlines (PIA) were unfrozen.

After PIA assured the tax collecting authority of their intention to do so and presented a signed agreement to settle any outstanding dues, the accounts were released. An FBR spokesman stated that PIA is scheduled to make a payment of Rs2.5 billion this month in accordance with the provisions of the agreement.

The FBR initially had PIA’s bank accounts seized because there were over Rs 8 billion in unpaid taxes. The airline had previously agreed to pay Rs 2 billion in Federal Excise Duty debts, but this agreement had not been kept.

It’s crucial to remember that PIA has been experiencing a significant financial crisis, raising questions about its ability to continue operating airplanes despite growing debt. Recent flight cancellations, especially on internal routes to and from Karachi, draw attention to the airline’s financial difficulties, particularly its failure to pay back past due fuel supply payments to Pakistan State Oil (PSO).

The FBR problem has been resolved, which is a step in the right direction for PIA’s financial stability.

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