960422

IT chief seeks

foreign banks'

cooperation

RECORDER REPORT

KARACHI: In continuation of its efforts to improve tax collection, the Income Tax Department has sought the cooperation of the foreign banks operating in the country.

Aftab Iqbal Rathore, Regional Commissioner, Income Tax (Corporate), had a few days back invited heads of the local commercial banks and urged them to deposit tax in respect of undisputed issues within the stipulated time on receipt of the assessment orders.

The Regional Commissioner, accompanied by Mumtaz Shaikh, Commissioner, Income Tax (Banks and Financial Institutions) discussed similar issues with the heads and representatives of the foreign banks at a meeting held here on Monday.

The non-resident banks were also urged to ensure timely filing of statements of tax deductions as provided under Section 139 to 143A of the Income Tax Ordinance 1979.

The banks were informed that since the assessment work had already been taken up by the Income Tax Department, the cooperation of the banks would be welcome to get the assessments finalised, generally on history basis, except where any new issue was involved.

The banks present in Monday's meeting included Societe Generale, the French and International Bank, Mashriq Bank PSC, Rupali Bank Ltd, ABN Amro Bank, Al-Baraka Islamic Investment Bank, Al-Faysal Investment Bank Ltd, American Express Bank Ltd, ANZ Grindlays Bank plc. Bank of America NT & SA, the Bank of Tokyo Ltd, Bank Indosuez, Citi Bank N.A., Deutsche Bank A.G, Emirates Bank Int. Ltd, Habib Bank Ag Zurich, The Hong-Kong & Shanghai Banking Corporation Ltd, International Finance Investment & Commerce Bank Ltd, Franklin Investment Bank Ltd.