FBR demands $4.3m in taxes from NAB over Broadsheet payment

ISLAMABAD: The federal revenue body FBR has issued Thursday a notice to National Accountability Bureau (NAB) demanding from it taxes against the $28.7 million payment the accountability watchdog made to Broadsheet company, ARY News reported.

According to the notice the tax amount comes at $4.3 million which the FBR authorized saying it is due to the supremacy of law which everyone is responsible for.

The revenue body has issued the tax notice to the Director General of NAB headquarters saying that against the payment made to Broadsheet a tax amount of $4.3 million dollars was to be deducted in withholding taxes payable to FBR.

The notice said that according to the rules, the amount meant to be paid to Broadsheet was to incur withholding tax deduction which is 15 per cent of the total amount. It translates to $4.369 million.

Separately earlier today, the federal government has prepared the terms of references (TORs) for an investigation into the Broadsheet scandal by a one-member commission headed by former apex court judge Justice (retd) Azmat Saeed.

READ: Federal govt prepares TORs for Broadsheet inquiry commission

The TORs for the Broadsheet investigation commission would be approved by the federal cabinet through a summary circulation process.

According to the proposed TORs, the commission would be headed by Justice (retd) Azmat Saeed, who would look into the agreements with the three companies including Broadsheet.

The commission would look into agreements with IAR Ltd, Broadsheet and Trouvons LLC in 2000 and another agreement with Broadsheet and IAR Ltd in 2003.