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September 23, 2020

FBR team raids steel unit in capital on evading tax

National

September 23, 2020

ISLAMABAD: The FBR’s Intelligence and Investigation Inland Revenues team has raided one steel unit in Islamabad and found sale suppression of more than a billion rupees.

The initial estimates suggest that this one steel sector unit has been allegedly evading Rs200 million. According to FBR reports, one steel unit with Sales Tax Registration Number (STRN) 3277876114740 was allegedly involved in evasion of duty and taxes by suppressing its sale in its monthly sales tax returns.

The FBR has done its preliminary investigation which were reconfirmed because this steel unit was not even paying sales tax on its minimum production as required under the rule and law. The FBR team raided the premises of the steel unit and searched under Section 25 of the Federal Excise Act 2005. During the search the FBR seized different records including CPUs, ledgers and sales books used in alleged evasion of duty.

Moreover, it has also been observed that the registered person is using various bank accounts to park the sales proceeds. So far more than 10 accounts have been identified and further scrutiny is underway.