Axact Pakistan has to pay tax

ISLAMABAD: Up to 99 percent shares of Axact Pakistan are owned by the Axact Dubai but even then the Axact Pakistan has to pay taxes, according to sources in the Directorate General Inland Revenue Intelligence and Investigation.
Since 2009, Axact has paid no tax on its income that it has shown to the FBR. Without following the regulatory mechanisms, Axact has shown the maximum of its income in the field of IT software export, for which no proof has been provided to the FBR.
Over the past five years, Axact showed Rs600 million profit but got exemption from taxes under the Income Tax Ordinance 2001. Sources said that worth of the declared assets of Axact is over Rs1 billion and the FBR has decided to carry out total audit of this company.
They said that it has been decided that legal and illegal income of Axact will be taxed. After paying tax, Axact will be able to send revenue to the parent company thrugh State Bank of Pakistan.