Cellular companies are depositing withholding taxes in National Exchequer: Finance Minister

ISLAMABAD: Federal Minister for Finance, Revenue and Economic Affairs Rana Muhammad Afzal Khan on Wednesday said that the cellular/mobile phone companies (Telcos) are withholding taxes from their subscribers, and depositing the same on weekly basis in the National Exchequer.

Speaking in the Senate during question hour, the minister said that the government is conducting regular audits of cellular companies, and if any discrepancy is detected or noticed, action under various tax statutes is taken.

Moreover, the minister said that considering the challenge of examination of massive volume of mobile phone subscribers’ transactions are being generated by each Telco running into millions on daily basis.

Replying to a question, the minister said that presently 34 public and private sector banks are operating in the country.

Further, he said that 22.209 million PLS and 26.106 million Current Accounts are being maintained by the commercial banks as of 30th June, 2017 in the country. Muslim Commercial Bank (MCB), Islamic Bank and Bank of China-Pakistan were granted license to operate from 12-06­2014 and 11-05-2017 respectively, he added.

To an another question, he informed the Upper House that the inflation rate during the last five years are including 7.36 in 2012-13, 8.62 in 2013-14, 4.53 in 2014-15, 2.86 in 2015-16, 4.16 in 2016-17 and 3.75 during 2017-18 (Jul.-Dec.).

The government is taking measures to control inflation in the country including the ECC reviews inflationary trend/ prices and supply of essential commodities in its Meetings on regular basis.

He said that National Price Monitoring Committee (NPMC) under the Chairmanship of Federal Finance Minister also monitor the prices and supply position of essential commodities in consultation with provincial governments and concerned federal ministries/ divisions and organization.

The Provincial governments also monitor the prices and supply of commodities through their District Price Control Committees and undertake remedial measures accordingly, he informed Senate.

The Federal Minister to a question said that the around 848596 children are enrolled and paid under Wassela-e-Taleem Financial Assistance for the last two years.