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March 28, 2013

Pay tax or face trial for Rs300 bn discrepancies, textile mills told

 
March 28, 2013

ISLAMABAD: The tax authorities have unearthed huge discrepancies to the tune of Rs300 billion in the sales record of textile giants and have now fixed March 31, 2013 deadline for making payments of agreed due tax at the rate of 2 percent or face prosecution.
The FBR has disclosed the names of major tax defaulters allegedly involved in tax evasion. “We have estimated that the first 300 textile units will have to pay 90 percent of due tax to the tune of Rs10 billion,” a senior official of FBR disclosed to The News here on Wednesday.
According to the list of 50 big defaulters, a copy of which is available with The News, (the FBR used a software called CREST Computerised Risk Based Evaluation of Sales Tax), for period from April 2011 to February 2013 the sales discrepancies committed by Al Hamd Garments stood at over Rs8.124 billion, Younus and Associates Rs5.229 billion, Rida Cloth Rs4.341 billion, M/S Colony Mills Limited Rs3.679 billion, Kohinoor Textile Mills Rs3.494 billion, M/S Alhamd Corporation Rs3.360 billion, M/S Saif Textile Mills Ltd Rs3.211 billion, Fazal Cloth Mills Ltd Rs2.727 billion, Ibrahim Fabrics Rs2.617 billion, M/S Olympia Blended Fibre Mills Ltd Rs2.586 billion, Hiba Textile Rs2.540 billion, N.P Cotton Mills Rs2.385 billion, M/S A.J Textile Rs2.176 billion, Rehman Cotton Mills Ltd Rs2.133 billion, M/S M. Usman Cotton Factory Rs2.125 billion, Janana De Maulacho Textile Mills Rs2.125 billion, Diamond International Corporation Ltd Rs2.082 billion and Jamhoor Textile Ltd Rs2.028 billion.
The FBR also found that a number of textile units were allegedly involved in showing less sales to evade taxes. They include M/S Gatron Ltd Rs1.992 billion, Siddiq sons Ltd Rs1.944 billion, Lahore Textile and General Mills Rs1.900 billion, Acro Spinning & Weaving Mills Rs1.882 billion, S.M Textile Industries Rs1.807 billion, M/S Margalla Textiles Rs1.771 billion, M/S Kh. Muzzaffar Mahmood L/O Mahmood C/G &P/O (Tatapur) Rs1.769 billion, M/S Naseem

Textile Rs1.734 billion, Pakeeza Traders Rs1.684 billion, Kohinoor Spinning Mills Ltd Rs1.609 billion, M/S Babri Cotton Ltd Rs1.575 billion, Nishat Mills Ltd Rs1.575 billion, M/S Kohat Textile Mills Rs1.503 billion, Shahzad Textile Mills Rs1.397 billion, Tribal Textile Mills Ltd Rs1.395 billion, M/S Zeenat Impex Rs1.388 billion, Qureshi Textile Mills Ltd Rs1.381 billion, M/S Gadoon Textile Mills Ltd Rs1.362 billion, M/S Anis Sons Textiles Rs1.352 billion, S.S Traders Rs1.329 billion, M/S Amin Textiles Rs1.275 billion, Mehmood Ahmed Weaving Factory Rs1.262 billion, A.I Garments Rs1.260 billion, M/S Gulistan Weaving Mills Rs1.259 billion, M/S Kanwal Cotton Ginners and Oil Mills Rs1.253 billion, Sargodha Spinning Mills Rs1.249 billion, SMH Textiles Rs1.238 billion, Margalla Industries Rs1.228 billion, M/S Rawal Textiles Rs1.222 billion, M/S Ammar Textiles Rs1.197 billion and M/S National Tent House II Rs1.192 billion.
When contacted FBR’s member Inland Revenue (IR) Reza Baqir said on Wednesday that the FBR has allowed these textile giants to pay 2 percent tax but if they do not avail this opportunity then the FBR would move ahead by registering FIRs against tax defaulters.

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