BOL TV Network is going on air at 1st Ramzan

[TankMan]

I'm skeptical - if Bol really wants to be a good alternative to channels like Geo, It's going to have to sort things with Axact out. Axact is extremely shady and extremely suspicious - I'd love to believe that all the fraud allegations are propaganda, but the first thing that popped into my mind when I watched the CEO's speech, long before any of these allegations, were that it's over-hyped, too good to be true and ''yeh banda fraudia lagta hai''.

All that ''we'll be richer than Bill Gates'' and ''World's leading IT Company'' stuff damaged their credibility long before any of the allegations. There's a limit to morale-boosting claims.

Pakistan Tv channels are full of shit. Don't believe them blindly.

That info actually comes from the FBR.

FBR SCREENGRAB

FBR
SCREENGRAB

 

[mr.robot]

They are looting and fooling people from magic speeches. Do you know tax detail of CEO of billionaire worth group , this CEO Mr Shoaib sheikh ....He paid Only 26 Rupee tax...Sama and other channels gave detail of his tax record....

I'm skeptical - if Bol really wants to be a good alternative to channels like Geo, It's going to have to sort things with Axact out. Axact is extremely shady and extremely suspicious - I'd love to believe that all the fraud allegations are propaganda, but the first thing that popped into my mind when I watched the CEO's speech, long before any of these allegations, were that it's over-hyped, too good to be true and ''yeh banda fraudia lagta hai''.

All that ''we'll be richer than Bill Gates'' and ''World's leading IT Company'' stuff damaged their credibility long before any of the allegations. There's a limit to morale-boosting claims.

That info actually comes from the FBR.

FBR SCREENGRAB

FBR
SCREENGRAB

Disclaimer: Devil's advocate here and have no full knowledge of how taxation works.
To be fair, Axact's major share holder(98%) is the company registered in Dubai. They are more like a subsidiary here. Also, IT exports/foriegn remittances are exempted from taxes.

 

[TankMan]

Disclaimer: Devil's advocate here and have no full knowledge of how taxation works.
To be fair, Axact's major share holder(98%) is the company registered in Dubai. They are more like a subsidiary here. Also, IT exports/foriegn remittances are exempted from taxes.

They might have used (or abused) some loophole to get the company income exempted from the taxes, but the fact that they do this while the CEO keeps claiming is some huge philanthropist, patriot and visionary who will become ''richer than Bill Gates'' , ''educate millions of children'' and work ''for the future of Pakistan'' makes him look like a hypocrite and severely damages their credibility.

Rhetoric like that might be their business strategy, but I have no respect for it if it is based solely on hypocrisy.

If they can't be honest enough to pay their taxes properly, how are we to trust them with anything? Especially all the ''socio-economic development'' promises. Plan 2019 - Axact’s Visionary Plan for Pakistan
The least you can do for ''socio-economic development'' is pay your taxes.

Even if only 2% of their company is based in Pakistan, it's still a considerable amount of money, definitely worth more than 26 Rs of income tax.

 

[ghazi52]

Shame on him. He pays only Rs. 26 of income tax.

 

[mr.robot]

They might have used (or abused) some loophole to get the company income exempted from the taxes, but the fact that they do this while the CEO keeps claiming is some huge philanthropist, patriot and visionary who will become ''richer than Bill Gates'' , ''educate millions of children'' and work ''for the future of Pakistan'' makes him look like a hypocrite and severely damages their credibility.

Rhetoric like that might be their business strategy, but I have no respect for it if it is based solely on hypocrisy.

If they can't be honest enough to pay their taxes properly, how are we to trust them with anything? Especially all the ''socio-economic development'' promises. Plan 2019 - Axact’s Visionary Plan for Pakistan
The least you can do for ''socio-economic development'' is pay your taxes.

Even if only 2% of their company is based in Pakistan, it's still a considerable amount of money, definitely worth more than 26 Rs of income tax.

As far as I know, income on software export is totally exempted.

 

[Sugarcane]

They might have used (or abused) some loophole to get the company income exempted from the taxes, but the fact that they do this while the CEO keeps claiming is some huge philanthropist, patriot and visionary who will become ''richer than Bill Gates'' , ''educate millions of children'' and work ''for the future of Pakistan'' makes him look like a hypocrite and severely damages their credibility.

Rhetoric like that might be their business strategy, but I have no respect for it if it is based solely on hypocrisy.

If they can't be honest enough to pay their taxes properly, how are we to trust them with anything? Especially all the ''socio-economic development'' promises. Plan 2019 - Axact’s Visionary Plan for Pakistan
The least you can do for ''socio-economic development'' is pay your taxes.

Even if only 2% of their company is based in Pakistan, it's still a considerable amount of money, definitely worth more than 26 Rs of income tax.

Although Software exports were given exemption from Income Tax (Individual or Corporate) for 15 years to promote IT, So Axact as company paying less tax is understandable, but still 26 Rs income tax is joke unless he is not getting any salary as CEO and he have no other income source except profit disbursed by company.

But anyway, from his speeches he looks drama queen of Altaf Hussain level.

 

[TankMan]

As far as I know, income on software export is totally exempted.

But they run their business from Dubai - it is not export if you make it out of the country and sell it out of the country. Pretty much what I meant by loophole; they're taking the benefits of ''exporting'' software from Pakistan and supposedly running their business from Dubai at the same time.

However, we've got to admit that it is legal. It is a loophole, but a legal one.

It's still the exact opposite of what the CEO was personally claiming to be, since he's practically abusing technicalities to avoid taxes. Not to mention the fact that he must be getting a salary as CEO; unless,well, they scrapped that and he paid himself from the company's software export income to avoid the taxes.

Lawmakers make horribly flawed laws, businessmen take advantage of it. Fair enough.

But anyway, from his speeches he looks drama queen of Altaf Hussain level.

Yes, similar vocabulary too. Kept lashing out at Moeed Pirzada for running a ''media trial'' against him, just because he asked a few questions Mr.CEO didn't like.

 

[Kolachi Punjabi]

They might have used (or abused) some loophole to get the company income exempted from the taxes, but the fact that they do this while the CEO keeps claiming is some huge philanthropist, patriot and visionary who will become ''richer than Bill Gates'' , ''educate millions of children'' and work ''for the future of Pakistan'' makes him look like a hypocrite and severely damages their credibility.

Rhetoric like that might be their business strategy, but I have no respect for it if it is based solely on hypocrisy.

If they can't be honest enough to pay their taxes properly, how are we to trust them with anything? Especially all the ''socio-economic development'' promises. Plan 2019 - Axact’s Visionary Plan for Pakistan
The least you can do for ''socio-economic development'' is pay your taxes.

Even if only 2% of their company is based in Pakistan, it's still a considerable amount of money, definitely worth more than 26 Rs of income tax.

The reason is that this guy and Axact is deeply connected to the establishment and is actually the cyberwing of it. that's why they get away from all these stuff; see this guy as a puppet -the face and see Axact as some company with ulterior motives from the deepstate, they are serving national interests behind the scenes.

 

[Al Bhatti]

I'm skeptical - if Bol really wants to be a good alternative to channels like Geo, It's going to have to sort things with Axact out. Axact is extremely shady and extremely suspicious - I'd love to believe that all the fraud allegations are propaganda, but the first thing that popped into my mind when I watched the CEO's speech, long before any of these allegations, were that it's over-hyped, too good to be true and ''yeh banda fraudia lagta hai''.

All that ''we'll be richer than Bill Gates'' and ''World's leading IT Company'' stuff damaged their credibility long before any of the allegations. There's a limit to morale-boosting claims.

That info actually comes from the FBR.

FBR SCREENGRAB

FBR
SCREENGRAB

Politicians will be saying "what? he paid less than us?, we should pay less than him next time"

But they run their business from Dubai - it is not export if you make it out of the country and sell it out of the country. Pretty much what I meant by loophole; they're taking the benefits of ''exporting'' software from Pakistan and supposedly running their business from Dubai at the same time.

Sir, the office in Dubai:

21 May 2015

Axact’s Dubai office closed for 2 years
Khaleej Times visited three locations listed as Axact offices in online business directories and found only one bearing the company’s name.

In a major twist to a fake degree scam reported by the New York Times, the offices of Axact Private Limited in Dubai have remained closed for more than two years.

Khaleej Times visited three locations listed as Axact offices in online business directories and found only one bearing the company’s name. A small leased space inside a business centre managed by Tecom in Dubai Media City is all that remains of Axact’s Dubai operations.

“Nobody has visited this office in the last two years and it hasn’t been opened even once,” said a security guard working at a business centre leased by Axact.

Two chairs, an empty office desk and a telephone are visible in the glass cabin representing Axact FZ LLC.

“The owner is never here but we do receive a few couriers occasionally,” said the guard.

He could not elaborate further on whether the courier was ultimately delivered to the company’s representatives but did confirm the company was owned by a ‘Pakistani businessman’.

The company is at the centre of a vast fake degree scam, after an article in the New York Times alleged its involvement in selling fake degrees.

A post on the company’s website lists the small leased space in Dubai as the company’s head office with a news post reading, “The head office in Pakistan is in Karachi and the capital city can also boast an Axact regional office. The corporate head office is in Dubai, the city which has become the new business hub of the world.”

Officials from Pakistan’s Federal Investigation Agency (FIA) raided the company’s Karachi office on Wednesday morning, seizing all electronic equipment. Law enforcement agencies across Pakistan have swung into action following the news report with summons issued to Axact officials.

According to media reports in Pakistan, six million shares of Axact Private Limited are distributed between three shareholders. Out of these total six million shares, Shoaib Ahmed Sheikh and his wife Ayesha Shoaib Sheikh have only two shares whereas the remaining 5,999,998 shares are owned by the third director — Axact LLC, based in a Dubai Free Zone.

Tecom officials could not be reached at the time of going to Press.


Axact’s Dubai office closed for 2 years - Khaleej Times

Gulf News obtained documents that showed that 99.99 per cent of the company’s shares are registered under the Dubai company’s name, Axact FC LLC. The documents showed that the company has 600,000 shares. Only one share is under the name of Shoaib Shaikh, CEO and owner of Axact, another one share is under the name of his wife, Aisha, and the remaining 599,998 are registered under Axact.

An official from the Pakistani Consulate in Dubai told Gulf News that Pakistan’s Federal Investigation Agency (FIA) is pursuing the case in Pakistan and they are in touch with them. He said they would approach the UAE authorities only after investigating authorities in Pakistan ask them to do so.

Names and accounts

Jamshaid said he has the names and accounts of some people involved in the Axact operations in Dubai and is willing to share them with authorities.

Meet whistleblower who busted fake degrees scam

 

[Musafir117]

Well, it's not proven or can't but rumors are high that establishment is behind Bol channel, seems like another dirty game started among dirty players.

 

[Roybot]

Seal of the Chairman& CEO of AXACT. lmfao, is this clown for real?

 

[livingdead]

Seal of the Chairman& CEO of AXACT. lmfao, is this clown for real?

As far as I know, income on software export is totally exempted.

not personal income.. only income of company..
is he taking nominal salary? must have some 'tax efficient' arrangement that shows his income low.

 

[TankMan]

The reason is that this guy and Axact is deeply connected to the establishment and is actually the cyberwing of it. that's why they get away from all these stuff; see this guy as a puppet -the face and see Axact as some company with ulterior motives from the deepstate, they are serving national interests behind the scenes.

I seriously doubt it's the establishment. If it was, the FIA wouldn't raid them like that and the issue wouldn't be discussed in the Senate. If the establishment wanted to, they could've easily shot down Declan Walsh's accusations. Axact is most likely just a few clever fraudsters with good lawyers and legal knowledge.

I fail to see how they are serving national interests. And they are definitely no 'cyberwing' of the agencies.