KARACHI: Given the fragile financial health of M/s Pakistan Steel Mills and huge amount of sales tax refund pending with Federal Board of Revenue (FBR), MCC Port Qasim has restored the bank accounts of steel mills.
M/s Pakistan Steel Mills has also paid Rs50 million out of Rs532.534 million outstanding against them. Collector MCC Port Qasim Surayya Ahmed Butt has constituted a Recovery Cell led by Assistant Collector Rehan Akram to affect recoveries and secure government revenue.
The Recovery Cell had attached two bank accounts of M/s Pakistan Steel Mills (PSM). However, Maj Gen (retired) Zaheer Ahmed Khan, CEO PSM, in a letter to Chairman FBR prayed to restore the bank accounts, otherwise PSM would come to complete halt.
Zaheer Khan noted that MCC Port Qasim attached the bank accounts of Pakistan Steel to recover the un-paid sales tax amounting to Rs.532.534 for which FBR accorded the deferment time to time.
In view of the unfavorable market scenario and blockade of funds; PSM is clamped in an unavoidable liquidity crisis.
In the presence of refunds, PSM requested FBR that their bank accounts be restored.