PCB today made the following statement in response to media reports about freezing of PCB bank accounts by FBR

Lahore July 6, 2012: Pakistan Cricket Board today made the following statement in response to media reports about freezing of PCB bank accounts by FBR and recovery of withholding tax from these accounts.

FBR did not freeze any Bank Account of PCB.  The Commissioner Income Tax (Appeals) granted stay order for the recovery pertaining to the tax year 2006 but the department illegally recovered an amount of Rs 70 Million against which we have filed an appeal.

As per previous tax assessments, PCB has large amounts of sufficient tax credits available for tax adjustments in future as well.