Axact chief paid Rs26 income tax last year

LAHORE: The IT company Axact’s Chief Executive, Shoaib Shaikh, who wanted to be “richer than Bill Gates” and whose company claims to have a presence in “six continents, 120 countries and 1,300 cities”, paid only Rs26 income tax in 2013-2014, and Rs22 in the previous period, reported private TV channels.

By our correspondents
May 20, 2015
LAHORE: The IT company Axact’s Chief Executive, Shoaib Shaikh, who wanted to be “richer than Bill Gates” and whose company claims to have a presence in “six continents, 120 countries and 1,300 cities”, paid only Rs26 income tax in 2013-2014, and Rs22 in the previous period, reported private TV channels. Based on the lowest individual tax rate in Pakistan, Shaikh’s total declared annual income was just Rs400,520, or Rs33,377 a month, a report added.