FBR Lifts Freeze on Pakistan International Airline (PIA) Bank Accounts

The freezing of Pakistan International Airlines (PIA) bank accounts has been lifted following the resolution of a longstanding matter with the Federal Board of Revenue (FBR) concerning unpaid debts.

The accounts were unfrozen after PIA provided a written commitment to clear all outstanding dues and assured the tax collection authority of their intention to do so. As per the agreement’s terms, PIA is scheduled to make a payment of Rs2.5 billion this month, according to an FBR spokesperson.

Initially, the FBR had frozen PIA’s bank accounts due to unpaid taxes totaling over Rs 8 billion. Despite a previous commitment to pay Rs 2 billion in dues related to Federal Excise Duty in August, the airline had failed to meet this obligation.

It’s worth noting that PIA has been grappling with a severe financial crisis, raising concerns about its ability to sustain air operations amidst growing debt. Recent flight cancellations, particularly affecting domestic routes to and from Karachi, underscore the airline’s financial difficulties, particularly its inability to settle outstanding bills with Pakistan State Oil (PSO) for fuel supply.

The resolution of the FBR issue represents a significant step toward stabilizing PIA’s financial situation.

Leave a Reply

Your email address will not be published.