Pakistan International Airlines (PIA) is grappling with a severe financial crisis, raising concerns about its ability to sustain air operations amidst mounting debts.
Karachi: The Federal Board of Revenue (FBR) on Wednesday has frozen Pakistan International Airlines’ (PIA) bank accounts over non-payment of taxes.
Pakistan International Airlines (PIA) is grappling with a severe financial crisis, raising concerns about its ability to sustain air operations amidst mounting debts.
The Federal Investigation Bureau (FBR) froze the national flag carrier's bank accounts, making it impossible for the national airline to make the necessary payments.
The huge sum of more than Rs 24 billion owed to Pakistan State Oil (PSO) is one of the significant unpaid balances that has become an urgent cause of worry.
A meager Rs 156 million was paid by PIA to PSO as its final payment on July 25. Although it arrived many days beyond the due date, this payment itself had some delays.
The Chief Financial Officer of PIA has promised to make the payment today in an effort to address the problem and reassure PSO of its commitment to meeting obligations.
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